Blockchain-based Ecosystem to Bridge Gap between Fiat and Crypto

The blockchain-based payment system has faced many obstacles since its inception. Soem of the major issues like real-time transaction were blocking its way from becoming a mainstream payment mode. A blockchain-based initiative is now working to bridge this gap between traditional banking and payment services and decentralized banking.

Cryptoenter claims to diminish all the differences between fiat and crypto. It is developing a blockchain infrastructure for digital banking. Taking inspiration from DeFi, the cryptoenter has a goal to utilize the blockchain ecosystem to transform the traditional banking system.

The Cryptoenter’s infrastructure is in development for the last two and a half years. It is working in collaboration with IBM. The ecosystem built by Smart Block Laboratory is also a silver member of the Linux Foundation. Moreover, Cryptoenter would be the first interbank payment service that is based on Hyperledger Infrastructure in the world.

The ecosystem is currently in the beta phase, and the launch is expected to unlock an upgraded level of interaction between banks and users. In the growing world of digital payment, it will be the first to launch a blockchain-based ecosystem that will match with the traditional digital payment providers such as PayPal and Amazon Pay. Furthermore, this new ecosystem is aimed to provide interbank settlements services as well as retail payments, comparably to Visa, Mastercard, etc.

Smart Block Laboratory, the firm behind this revolutionary platform, was awarded $120,000 free IBM Cloud credits to ensure swift launch. The Hyperledger Fabric Technology and IBM Cloud provide transformative benefits and great efficiency to bring this project into reality very soon. The Company’s director Pavel Lvov compared this technology with the transformation brought by the two-way telephone in the time of radio.

Along with digital banking and payment services, Cryptoenter is also going to offer cryptocurrency lending, a decentralized crowdfunding platform, and cross border payment at very little expense. Utilizing the blockchain-based platform built by Cryptoenter, the Shops can receive retail payment in real-time.

It will be a step further in realizing the true potential of blockchain technology. The launch of the Cryptoenter exchange is expected in December 2020, and payment agents will be able to utilize this ecosystem from January 2021.

Also read: Will Bitcoin Survive in the Aftermath of Coronavirus Crisis?