The Possibilities of Fiat - Crypto Interoperability in Full Service Banking

Last updated: Mar 30, 2023
5 Min Read
AI Generated Summary

Crypto & Fintech market challenges

The crypto fintech market though a promising one has its fair share of defiance that is ironically related to the very feature that made the cryptocurrencies so popular in the first place- anonymity.

The anonymity of cryptocurrencies has made it difficult for the users and the investors alike to deal with crypto based transactions due to regulations imposed by several nations. Since the crypto based transactions are anonymous, many nations have the inherent fear of the technology being misused for either terrorist or illegal activities.

Lack of a robust technological platform has also rendered dealing in crypto transactions a cumbersome process. The blockchain is an ever evolving technology and its future depends on the core technical foundation and the ease with which users can benefit from it. Lack of a solid foundation often deters users and investors from dealing in crypto based fintech platforms.

The cryptocurrency services lack a full banking service hence many features that are associated with a conventional banking system are missing in the prevalent crypto based fintech systems. ‘Coins’ as crypto assets are yet to provide regular banking returns such as Fixed deposits or Term deposits due to the lack of a healthy infrastructure to support the same.

Transaction speed and a non-agile customer service have added to the woes which when combined with the other challenges threaten to derail the predicted substantial growth of the industry.

Victorieum as a Solution

Victorieum is an off-shore crypto banking platform that supports a wide variety of cryptocurrencies thereby letting users transact and deal in them and thus help them diversify their crypto assets along with the creation of a business portfolio.

Offering all the services of a traditional banking system, Victorieum provides International Bank Account Number (IBAN) and Bank Identifier Code (BIC) in an internationally recognisable format. The SWIFT MT103 transfer technology allows instant SWAP between cryptocurrencies and fiat along with supporting various cryptocurrencies such as USD, GBP, EURO, etc.
The Exchange Features

The Victorieum ecosystem comes fully equipped with an exchange titled Victorieumex that’s connected to the Victorieum bank and ensures smooth and faster withdrawals & deposits of fiat. The exchange is integrated with smart technologies such as TrezorTM and CivicTM all of which are designed to provide end users with the highest possible security.

The exchange is designed to start initially with USD and EUR but would include a wide variety of currencies as the development progresses. Instant swap between fiat and crypto is also being implemented for seamless and hassle free transactions. The exchange also uses other cutting edge technologies used by no other exchanges.

The Ecosystem features

  • Off-shore banking facilities from anywhere in the globe
  • Mandatory KYC ensures identity tracking of every registered user. Registration is complete only on providing valid email and mobile number. This ensures respite from other over-regulated decentralized platforms
  • 24 X 7 customer support through 12 languages
  • Reusable KYC through the secure ID platform
  • All traditional banking services such as credit cards, loans, products similar to mutual funds, etc. are offered through the ecosystem
  • Multiple account options such as Savings, Current and daily liquidity are available
  • Provision of Insurance and crypto backed loans
  • Free Victorieum credit and debit cards for ICO investors
  • For deposits of $100,000 or more, dedicated managers are allotted
  • Blockchain based platform offers the highest level of safety, security and robustness

The Victorieum Advantage

The platform is integrated with the CivicTM blockchain technology that provides real time customer authorisations. This unique identification system creates digital identities for every blockchain user so that all communications and transactions are secure and encrypted. The instant customer authorisations also helps create a robust KYC compliant system. Secure ID platform, Reusable KYC, and ID theft protection are some of the other features of the Civic platform.

One of the most reliable hardware wallet TrezorTM offers recovery seed for offline storage. In an event where the user’s device is stolen or lost all critical and sensitive data can be retrieved using the recovery seed.

Victorieum offers an unique passive income program where in the Victorieum tokens can be locked for a period of 3,6,9 and 12 months to receive interest of 15%,20%,25% and 30% respectively. This system ensures that a steady income is generated even when the tokens are stored.

Victorieum offers the most comprehensive off-shore banking services using the revolutionary blockchain technology. The robust platform paves the way for integrating the crypto economy with that of the mainstream. Victorieum is well on its way to become the leader of the next generation offshore banking system.

Featured Image via Victorieum

The publication of a press release on this page should not be viewed as an endorsement by the Coin Bureau. Customers should do their own research before investing funds in any company.
Editorial Team

The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. We aim to empower the crypto community with the knowledge needed to navigate the crypto landscape successfully and safely, equipping our community with the knowledge and understanding they need to navigate this new digital frontier. 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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