Application turning Bank. The evolution of Banking

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The rapidly evolving world of technology is constantly opening new possibilities for investors. Decades ago the average person had absolutely no idea how to invest or acquire financial information of any kind.

Today, information is everywhere and you can learn to do pretty much everything online. This is a great time to invest and learn. No one can deny that the start is incredibly difficult for new investors, especially with limited funding.

In the near future, there will be an application for every possible detail

A trending application named Robinhood has recently started offering cryptocurrency trading to its customers. The application founders shared their desire to start providing tradition banking services and savings accounts. Now Robinhood is an app which has attracted a very large millennial user base due their zero-fee policy. The application provides its users with an easy interface, quick service and reliable maintenance.

The young company faced rejection when they sought funding 75 times and is now estimated to be worth $5.6 billion. It has over 4 million people registered on the platform and users in 16 states can trade Bitcoin and Ethereum along with equity investments. The platform will aim to offer to most financial services, while also keeping the lowest possible price.

It’s good to see applications with a positive approach to cryptocurrency being accepted into the established financial structure. However, such a move might not sit so well with many crypto investors. Some banks like Liechtenstein’s Bank Frick, have accepted cryptocurrency into their product portfolios.

This however, still doesn’t change the fact that most crypto users are very sceptical towards the banking system in general. Banks will inevitably adopt the use of cryptocurrencies, but the general user base’s opinion about banking, will hardly change.

As always when connecting cryptocurrencies and banks, security is one of the key issues. Bank Frick stated that it will only work together with well-known and established brokers and exchanges like Bitstamp and Bitcoin Suisse. Wallets are stored in different safe locations. The“multisignature” solution generates a level of trust. When transferring funds where at least three dedicated persons are required to be present.

The mistrust between banks and crypto users will prove to be a big challenge. With the right set of rules and innovative policies many banks will be able to reap the benefits of using cryptocurrencies.

Evolution is knocking on the banks’ doors.

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