Baanx develops crypto banking and fintech infrastructures. "We bridge the gap between fiat and digital asset technology to create an API platform your company can utilize fast." Products like payment gateways from crypto to fiat and back. Buying, spending, selling or sending cryptocurrency on debit cards or bank accounts. Wallets with cryptocurrency, directly connected to visa cards and other cards, MasterCard. With an input of crypto and an output of fiat or the other way around. All without fees. This includes a Visa/MasterCard with instant XTZ conversion to pay with your XTZ anywhere these cards are accepted.
What also will be enabled, is lending and borrowing digital assets while receiving revenue on your card or bank account.
Baanx is a platform developing all of those services. And all those services will be available for XTZ and digital assets that are live on the Tezos blockchain. Current timeline for the availability of the infrastructure is February 2021.
Garth Howat, one of the founders of Baanx, mentioned this in the interview with Bank To The Future's CEO & Co-founder, Simon Dixon:
Interesting detail that was mentioned in the interview, is the fact that they expect their products to be used mostly to store digital assets on and receiving revenue. This is interesting because it hints at a broader and bigger use-case that would follow these developments: savings and lending products, from which revenue is being payed in fiat on the connected bank accounts and cards. That earned fiat will be spent more likely than the crypto itself. So the broader picture that emerges here, is the fact that Tezos-based assets like DeFi assets and Security Tokens, are expected to be the basis of passive income. And earnings to be spendable through the fiat on- and off ramps that are created now by Baanx.
Note that Elevated Returns and BlockFi recently made an announcement that they will enable you to use Tezos-based Tokenized Assets as collateral for lending. So several big players are already setting up the infrastructure. Looks like the DeFi applications we've seen so far on Ethereum, is nothing compared to what's about to come. The foodcoin ponzies, the hacks, all the cowboy plays. DeFi's full potential will be the financial products we know today in banking, integrated with public, immutable blockchain technology. And Tezos will take a huge bite out of the pie.
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