The crypto momentum of traditional brokers
The world is preparing for digital identities in the digital era. South Korea is already rolling out national IDs via blockchain technology including driver’s licenses (referred to as mobile driver’s licenses).
A pilot is being carried out in Europe for a digital ID via a digital wallet, known as the EU Digital Identity Wallet Consortium (EWC). Marie Austenaa, head of digital identity at Visa, confirmed that the company has been selected by the EU to participate in the EWC pilot. Accordingly, the digital ID wallet is expected to be released in 2024.
Blockchain-powered digital identities are more secure, which in turn will reduce fraud. It is important for traditional brokers from the financial landscape to adapt to the “crypto-momentum”.
The verification process will be smoother without the need to upload various documents (regulatory bodies must approve its use first). However, preparing for digital identities is crucial in the medium term.
Decentralized web domains and hosting environments can speed things up. Traditional brokers should consider entering the web3 phase as innovation can reflect a higher customer base. Financial brokers can purchase a web3 domain and host their website on the blockchain.
EDNS, a web3 leader at Polygon (layer-2) has recently partnered with Alibaba cloud. CEO of EDNS, Joey Lam said: “The motivation behind this partnership is to join forces to deliver disruptive Web3 solutions that are demanded by the market, especially in the storage space.”
To remain competitive, Google Cloud partnered with Casper Lands to build blockchain-based products in addition to innovating the Web3 ecosystem.
Ethereum Name Service (ENS) is another popular choice on the Ethereum blockchain. Space id (which is a new service) offers the same services as ENS at BSC.
ETH increased gas fees had some impact on the monthly registrations (unlike 2022), but registrations have remained stable. Starting today, websites using ENS can be hosted via IPFS. A web3 presence can be rewarded with significant PR.
Lower payment fees
Alchemy Pay, a well-known payment provider, has made headlines when the service received a license from the central bank of Indonesia. Alchemy Pay offers a range of payment services. The customer selects Alchemy Pay from the payment page. The exchange rate is locked, the customer makes the payment, and Alchemy Pay converts the cryptocurrency used for the transaction into your local currency. In contrast to traditional payment solutions, is
settlement is a day. The fees are 1% and the fraud rate is zero.
Despite the “crypto winter”, cryptocurrency usage remains high. As regulations are a matter of time, it is of great importance to explore innovative products in today’s markets.
Decentralized Forex Trading
Although still in development, decentralized currency trading is the future of online trading. “Pendulum,” a new layer-1 Mainnet on Polkadot aims to deliver a new on-chain trading experience.
Stablecoins will be used for the currency pairs. Algorithmic stablecoins will not be used, only stablecoins compatible in their region. Although the stablecoins that will be used were not revealed, it is likely that either USDC or USDT will be used.
The price is provided by 0xAmber. Multiple oracles will be used for the price of a single asset, including health checks. Unlike traditional forex brokers, there is no order book but liquidity pools. 0xAmber will act as the proactive market maker with no lasting loss.
Liquidity drain is a concern. The case is solved by increasing slipping in case of low liquidity. The protocol is in the process of building its own liquidity, relying on external liquidity providers will reduce over time. It is important to note that chain costs are significantly lower, mainly due to the design of the AMMs.
Completing a transaction takes seconds using pay-to-pay (PvP). All reserves, rates, liquidity and trades are visible, which is not seen with traditional forex brokers.
Since it is a protocol, most of the code is open source, permissionless, and publicly available. Three currencies are expected to be added in the first phase.
In an event, a large number of traders will flock to on-chain forex trading. It could reshape the forex trading industry as we know it today.
The world is preparing for digital identities in the digital era. South Korea is already rolling out national IDs via blockchain technology including driver’s licenses (referred to as mobile driver’s licenses).
A pilot is being carried out in Europe for a digital ID via a digital wallet, known as the EU Digital Identity Wallet Consortium (EWC). Marie Austenaa, head of digital identity at Visa, confirmed that the company has been selected by the EU to participate in the EWC pilot. Accordingly, the digital ID wallet is expected to be released in 2024.
Blockchain-powered digital identities are more secure, which in turn will reduce fraud. It is important for traditional brokers from the financial landscape to adapt to the “crypto-momentum”.
The verification process will be smoother without the need to upload various documents (regulatory bodies must approve its use first). However, preparing for digital identities is crucial in the medium term.
Decentralized web domains and hosting environments can speed things up. Traditional brokers should consider entering the web3 phase as innovation can reflect a higher customer base. Financial brokers can purchase a web3 domain and host their website on the blockchain.
EDNS, a web3 leader at Polygon (layer-2) has recently partnered with Alibaba cloud. CEO of EDNS, Joey Lam said: “The motivation behind this partnership is to join forces to deliver disruptive Web3 solutions that are demanded by the market, especially in the storage space.”
To remain competitive, Google Cloud partnered with Casper Lands to build blockchain-based products in addition to innovating the Web3 ecosystem.
Ethereum Name Service (ENS) is another popular choice on the Ethereum blockchain. Space id (which is a new service) offers the same services as ENS at BSC.
ETH increased gas fees had some impact on the monthly registrations (unlike 2022), but registrations have remained stable. Starting today, websites using ENS can be hosted via IPFS. A web3 presence can be rewarded with significant PR.
Lower payment fees
Alchemy Pay, a well-known payment provider, has made headlines when the service received a license from the central bank of Indonesia. Alchemy Pay offers a range of payment services. The customer selects Alchemy Pay from the payment page. The exchange rate is locked, the customer makes the payment, and Alchemy Pay converts the cryptocurrency used for the transaction into your local currency. In contrast to traditional payment solutions, is
settlement is a day. The fees are 1% and the fraud rate is zero.
Despite the “crypto winter”, cryptocurrency usage remains high. As regulations are a matter of time, it is of great importance to explore innovative products in today’s markets.
Decentralized Forex Trading
Although still in development, decentralized currency trading is the future of online trading. “Pendulum,” a new layer-1 Mainnet on Polkadot aims to deliver a new on-chain trading experience.
Stablecoins will be used for the currency pairs. Algorithmic stablecoins will not be used, only stablecoins compatible in their region. Although the stablecoins that will be used were not revealed, it is likely that either USDC or USDT will be used.
The price is provided by 0xAmber. Multiple oracles will be used for the price of a single asset, including health checks. Unlike traditional forex brokers, there is no order book but liquidity pools. 0xAmber will act as the proactive market maker with no lasting loss.
Liquidity drain is a concern. The case is solved by increasing slipping in case of low liquidity. The protocol is in the process of building its own liquidity, relying on external liquidity providers will reduce over time. It is important to note that chain costs are significantly lower, mainly due to the design of the AMMs.
Completing a transaction takes seconds using pay-to-pay (PvP). All reserves, rates, liquidity and trades are visible, which is not seen with traditional forex brokers.
Since it is a protocol, most of the code is open source, permissionless, and publicly available. Three currencies are expected to be added in the first phase.
In an event, a large number of traders will flock to on-chain forex trading. It could reshape the forex trading industry as we know it today.
