PayBito partners offer crypto expertise in upgrading a major DeFi firm in El Salvador
PayBito provides crypto expertise to a major DeFi firm in El Salvador
El Salvador’s choice to go ahead and authorize crypto adoption will accelerate the bridging of conventional financial mechanisms with DeFi. This, along with regulation, will be key to the next generation of digital transformation.
PALO ALTO, Calif. (PRWEB)
3 November 2022
US-based cryptocurrency exchange PayBito is making notable contributions to the global crypto scene, offering cutting-edge white-label solutions to capitalize on fast-growing business opportunities worldwide. In its latest venture, the global digital asset exchange has agreed to collaborate and offer its renowned expertise to update the existing infrastructure of one of the most hyped DeFi projects across El Salvador, the first nation to legalize and adopt Bitcoin as legal tender.
DeFi, or decentralized finance, has exploded in recent years. Over $77 billion in gross net worth is associated with Ethereum DeFi alone. Unlike traditional financial mechanisms, DeFi applications use blockchain-powered smart contracts that are executed automatically upon meeting pre-programmed requirements. The process simplifies the elimination of intermediaries, which enables better returns and under-security for lending services. Other possible areas of DeFi application include third-party risk assessment, crypto-native credit scores, and more.
PayBito CEO and noted blockchain pioneer Raj Chowdhury states: “El Salvador’s choice to move forward and authorize crypto adoption will accelerate the bridging of conventional financial mechanisms with DeFi. This, along with regulation, will be key to next-generation digital transformation.”
El Salvador has been in the news for stepping out of the box with regards to crypto acceptance. In addition to allowing Bitcoin use for all transactions alongside USD, the South American nation under President Nayyib Bukhele also added $30 worth of the dominant crypto over Chivo’s digital wallet to all citizens. It also has several ambitious projects in the pipeline, including the construction of an exclusive Bitcoin City, renewable volcanic mining, $1 billion Bitcoin-backed bonds, more than 200 Bitcoin ATMs, and many more. El Salvador does not impose taxes on income, capital gains and property – except for the 10% VAT allocated to build Bitcoin City and other public services.
“The DeFi sector has not only put El Salvador on the map as a global crypto hotspot, but also helped vital areas of the country’s economy. An increasing number of businesses are now accepting crypto, and are also contributing to the development of other additional segments,” concluded Chowdhury, he had previously called out the need for crypto awareness to prevent DeFi fraud and blockchain’s potential in airline management.
White-label solutions from PayBito have received top global awards and are actively distributed in more than 26 countries, including Australia, Sweden, Japan and more. The exchange has made several updates in UI/UX and asset listing, and has consistently increased the number of tradable digital asset options, while prioritizing the protection of investor assets. PayBito also has crypto banking solutions, custody solutions and an innovative white label crypto brokerage platform that democratizes crypto brokerage services for everyone.
There is a growing preference for digital assets as alternative banking and investment solutions among younger age demographics as well as nations with fluctuating economies. El Salvador is successfully capitalizing on this trend, despite losses in the current crypto bear phase. Businesses can tap into the massive growth potential by offering conventional financial services with higher returns to their users, fueled by cryptocurrency.
About PayBito:
PayBito is a leading cryptocurrency trading platform operating globally. The platform is designed and managed by a team with rich experience in banking security systems, cryptocurrency trading and blockchain technology. It is available in the web version as well as iOS and Android stores. PayBito services include white label cryptocurrency exchange, white-label payment gateway, exchange affiliate and coin listing. PayBito offers some of the best rates and top-notch security in the crypto world.
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