Swiss Banking is Coming to Blockchain: Crypto Payments Simplified
Several stereotypes come to mind when you think of Switzerland - chocolates, cows, yodeling, Heidi, but perhaps most importantly, banking. Historically a small country with limited involvement in global political events (such as war), Switzerland boasts a healthy economy, a stable currency, and a passion for privacy.
One Swiss fintech company - Fiat24 - has made owning a Swiss cash account possible for many around the world, even connecting the best of TradFi and DeFi to offer a new way of banking which is well-rooted in Web3.
The Fiat24 NFT, Your Swiss IBAN account
There are many reasons why shifting the technologies surrounding traditional banking to the blockchain make sense, including enhance security, faster transactions, lower costs, and cross-border transactions.
Fiat24 is a Swiss regulated financial institution, and the only licensed fintech bank that has fully abandoned servers for a public blockchain on which to book client ledgers.
What it means for users is that - if you’ve managed to successfully pass the KYC process - you can access a global payment dApp where you can manage both fiat and crypto, get a Swiss IBAN, and effectively transform your favorite non-custodial crypto wallet into an e-banking portal.
Minting the Fiat24 NFT gives you access to a wide range of financial services, and also your own unique IBAN. The IBAN code stands for International Bank Account Number, a unique set of characters made up of up to 34 letters and numbers that helps banks process transfers around the world.
Banks and other institutions use IBANs to identify individual accounts. They combine your local bank details into one string of characters, making it easy to identify your account when sending or receiving money.
Changing the way we Pay
Cryptocurrency payments have emerged as a disruptive force in the world of finance, challenging traditional payment systems and transforming the way we conduct transactions.
As digital alternatives become more enticing, the demand for simple solutions to spend them is also increasing. Currently, most wallets don’t have an integrated off-ramp solution, forcing users to take multiple (and costly) steps in order to convert their tokens into fiat money, and crypto card providers are most often connected to CEXs, not a good choice for those passionate about truly DeFi solutions.
As Fiat24 does away with the traditional password and login, replacing it with an NFT, replaces centralized servers with the blockchain and DLT, and ensures that most of the work is handled by smart contracts rather than humans, the Fiat24 card is the most Web3 iteration on the market.
“Ultimately, we can link the crypto assets stored in your non-custodial wallet to the real payment world. If you are someone who doesn't feel comfortable storing your assets in centralized exchanges, and you prefer to have control and ownership of your private keys, then what we offer is the best tool for you,” says Fiat24 co-founder Yang Lan.
The crypto payment landscape is continually evolving, with more financial institutions, businesses, and individuals exploring ways to integrate cryptocurrencies into their daily transactions. As this ecosystem matures, it's essential to consider the regulatory and security challenges associated with crypto payments while also benefiting from their potential advantages in terms of speed, cost, and accessibility.
Let me know your thoughts, questions, and ideas in the comments! Yours faithfully, blockchain babe!
