Can NFTs replace traditional bank accounts? A Swiss company thinks so.

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Increasingly popular since 2017, DeFi has always been presented as the transformation of traditional financial products into products that can operate without an intermediary via smart contracts on a blockchain. Recent eye-catching headlines are fueling the schism between traditional finance and DeFi, all suggesting that DeFi could replace legacy banks.

While banks are keenly aware of the innovation DeFi and surrounding technology can bring and are actively considering how to incorporate elements of DeFi into their businesses, one unique feature they cannot (and would not attempt) ) to adopt is the use of NFT technology. to replace existing customer accounts.

The Swiss NFT that unlocks your web3 bank account

However, this is precisely what a fintech is currently offering: a Swiss cash account on the blockchain, accessible via their decentralized application via any browser. Customer accounts are opened by striking the company’s NFT signature and logging in through customers’ own digital wallets.

An innovative and radical solution, Fiat24 offers the best of centralized and decentralized systems. They hold a Swiss Fintech license granted by the Swiss Financial Markets Regulator for performing peer-to-peer transactions and crypto-to-fiat conversions in their closed ecosystem.

Thanks to Fiat24’s web3DApp, users have full control over their assets, benefit from a multi-currency cash account and access all Fiat24 services via their preferred digital wallet.

The use of blockchain technology also enables an unprecedented level of security, and eliminates the risk of a banking system “breakdown” or “server maintenance”. A vision that is hard to imagine in today’s Web2 baking landscape: passwords, QR login codes and SMS codes are a thing of the past!

The future of banks and DeFi

Banks are looking closely at what is happening in DeFi to try to understand the new types of threats that will enter the financial system, as well as to prepare for the changing demands for the services they offer.

The future will most certainly have room for both traditional and decentralized finance – we see markets converging due to regulation and knowledge spillovers, there are sure to be customers and businesses that focus in one or the other. ‘other.

Yang Lan, co-founder and business developer at Fiat24, said, “The emergence and growth of cryptocurrencies and blockchain technology is not the first threat to the traditional banking system. If we look at PayPal’s digital wallet and payments offering in 1999, and the countless other fintechs that have entered the financial services arena, traditional banks have been challenged to come up with new models for one of the most old world industries for years. The pandemic has accelerated an already underway shift to “contactless” banking and payments, and the efficiency and economic benefits of blockchain and digital assets will likely bring people closer to a financial solution that is less reliant on banks. as an intermediary.

It remains to be seen whether NFTs will ever be able to replace traditional access to bank accounts, and that heavily depends on the widespread adoption of DeFi in the coming years. It also remains to be seen how much of the technological advancements in terms of blockchain, cryptocurrencies, digital assets and NFTs banks and traditional institutions want to integrate into their models.

For now, Fiat24 is a lone player and mover in a crucial time when digital assets continue to push a DeFi and web3 reality ahead of traditional finance. With a solution that offers the best of both worlds, the implementation of NFTs as a replacement for web2 account access has already attracted thousands of customers worldwide and continues to grow.

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Karen Shidlo is a digital marketing native with seven years of experience in traditional advertising agencies before moving into the Web3 space. Passionate about the power of digital currencies and blockchain technology, she works for Fiat24 in Switzerland to bring seamless peer-to-peer payment experiences to as many people as possible.

Michael J. Birnbaum