Hello Brillionnaires ! Ready to revolutionize your crypto experience ? As we saw in our last post, we learned about cross border payments, the market opportunity, and how blockchain technology can greatly improve this market and make it easier for users to use.
What’s more, in correlation with this functionality, integrating your bank makes sense!
Let’s take a look at what this enables and how it was imagined at Brillions!
Why do we need Banking Integration ?
This feature allows you to integrate your bank directly via your wallet.
While it may appear straightforward initially, this innovation marks a significant advancement for prospective users, especially in their engagement with web3.
Typically, when conducting transactions for purchasing cryptocurrencies, NFTs, or engaging in DeFi investments, there are multiple, often anxiety-inducing steps involved.
In this context, you typically need to link your conventional bank account, transmit funds to a centralized exchange (without forgetting your specific send code so you don’t lose that money!), and convert your fiat currency into cryptocurrencies (ramp on).
Or you also have the possibility to purchase cryptocurrencies using a credit card. While this method may offer speed and convenience, it’s worth noting that the associated service charges are significant, often amounting to around 4% of the transaction.
Subsequently, once you have acquired your cryptocurrencies, you’re then required to send them to a particular exchange for acquiring specific cryptocurrencies or send them to a designated wallet for investment purposes or to access a service.
Furthermore, it’s essential to take into consideration the lack of security when dealing with centralized exchanges, which poses a significant risk of insolvency.
These various steps can be arduous, time-consuming, and demand meticulous attention to ensure the correct addresses are selected each time.
Fortunately, with banking integration, these processes will no longer present such challenges!
How does Brillion innovate in this area ?
Now, using the Brillion wallet, you can integrate your bank account directly.
From then on, you can make an instant transfer to transform your fiat currency into cryptocurrency. In just a few seconds, you can access all web3 services.
We are building the finest line ever between FIAT currency and web3, and in practice this is a big step forward for the adoption of the technology.
In addition to these elements, instant transfers between your bank and your wallet alone will enable you to significantly reduce your costs. That’s because there are fewer intermediaries.
Additional advantages consist of the capability to view your comprehensive asset balance. This encompasses your Fiat currency holdings, your cryptocurrency holdings, and naturally, your non-fungible tokens (NFTs). The management of your portfolio remains exclusively under your control, thereby safeguarding your wallet from the vulnerabilities associated with centralized exchanges.
Regarding security measures, no one can access any of your banking data and you can anytime logout from your bank account.
Lastly, it’s worth highlighting that this feature serves as a strong complement to remittance payments. As discussed in our previous article, this capability, seamlessly integrated within the Brillion wallet, enables instantaneous remittance transactions without the need for intermediaries, taking only a matter of seconds. Therefore, like banking integration, it provides a user experience that is exceptionally smooth and effortless!
Utilizing Brillion in tandem with banking integration enables you to maintain full autonomy over your financial management, conduct transfers instantly, reduce costs, minimize intermediaries, and ensure complete safety.
Brillion is the future of financial empowerment. Powered by AllianceBlock’s technology, the Brillion team is paving the way for a more connected, inclusive, and empowered global community. With a focus on seamless user experience, self-custody, self-sovereign identity, and privacy, Brillion’s wallet is here to continuously evolve to offer cutting-edge features and innovations that will empower billions of users to take control of their financial future.