Converting a large amount of any cryptocurrency to fiat is challenging.
Initial coin offerings (ICOs) have made it possible for entrepreneurs across the world to raise the capital needed to finance their technological developments. ICOs have become an extremely popular form of fund-raising and each month of 2018 has ended with over a billion dollars funneled into new blockchain projects.
For many projects, raising the funds is just the beginning.
The main grunt work for any development starts once capital has been raised. Most projects need immediate fiat capital to begin hiring, getting office space, and purchasing necessary assets, like computers. However, a major roadblock in this is the fact that it can be quite challenging to convert large sums of cryptocurrencies in to fiat, especially in countries with a highly regulated financial sector.
A new project, Golden Currency, has an ambition piece of work in its roadmap that can resolve this problem. Golden Currency is the first-ever approach to developing tokenized gold. While this is the core provision of the project, the long-term goal is to develop a financial system that revolves around the Golden Currency, and a major piece of the development will involve the creation of the Golden Bank.
A Bank for the Cryptocurrency Market
Golden Currency’s founders aim to establish a bank that will incorporate this currency. The team intends to pursue the regulatory requirements to ensure the Golden Bank can support the flow of any currency. Consequently, cryptocurrencies will be elevated to the status of any traditional currency as there will be a native bank dedicated to holding them equal to fiat currencies.
There will be various benefits of the Golden Bank. For one, most exchanges have a hard time earning a bank account. This has been a key block in ensuring global reach of eased cryptocurrency access. A bank native to the cryptocurrency and fiat currency transactional system will be able to develop a currency exchange that can integrate the pairing of all currencies, including cryptocurrencies, in any format.
Cryptocurrency trading could reach the scale and ease of standard Forex trading. Golden Currency will serve as a key asset-backed bridge between all the currencies whenever needed.
One of the most prominent benefits of the Golden Bank will be the provision of ease in conversion to fiat for large crypto holders, especially teams that raised capital via ICOs. The Golden Bank will make it a seamless experience for entrepreneurs to shift from ICO to project development by providing the groundwork needed to smoothly convert their crypto capital to fiat capital, thereby making sure projects can be developed at the intended pace.
This can be a boon to the crypto market as more developers will be encouraged to pursue revolutionary technologies as, with the aid of the Golden Currency, the Golden Bank will lay the financial infrastructure needed to support the cryptocurrency market.
Essential Links
🌐 Website: https://www.goldencurrency.world/
💡 Whitepaper: https://www.goldencurrency.world/white_paper_eng.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=2994066.msg30792043#msg30792043
💻 Telegram: https://t.me/Golden_Currency
Twitter: https://twitter.com/goldencurrency
Facebook: https://www.facebook.com/GoldenCurrency.world/
Connect with me:
https://bitcointalk.org/index.php?action=profile;u=1700741;sa=summary
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Many Countries might even add taxes in the future. The problem is also in the exchange. For example if you want to get Steem to ur bank account, you have to go through a long process and pay money in every step. I hope that we can do it directly in the future without the need of BTC or any other currency.
Very good point.
An asset backed stable currency could be the resolution as it could provide wide access to bank transfers from crypto exchanges that support all sorts of crypto.
Well reading your previous post, I felt Golden currency has just a little potential but after reading this it looks like it is going to grow to become a giant in the virtual currency world.
The goal is to create an entire infrastructure.
This is good news..a bank for companies amazing...
Yea, it could play a role in taking this market forward.
Yeah...once in green then there would be so many technical analysis posts haha....
Very cool idea
Bank ! Are you serious ?
Very serious.
But I think you have something like Barclay's in mind. Most of the banks are very small and handle funds in the volume of millions, not trillions.
hmm.. Then I guess we have to open account just like we deposit our dollars !
In truth, the idea of the creator of the cryptocurrency was to create a currency that is controlled by the same user and that it is not managed by an intermediary.
Exactly 说得很对
Doomed to fail, wait and see
There are plenty if stable coins already in circulation. This one is just asset-backed.
Only the blockchain itself gives the coin its value. Any cryptocurrency backed by physical assets is futile
i wish in india crypto problem will end one day all these factor will help it
One step at a time.
Yes, they will try to stop the cryptos from becoming real values.
Hopefully projects like this will sustain.
It'd be great to have a proper crypto-supportive infrastructure.
a bank for the cryptocurrency market your talk is right.I love your post
Glad you liked it :)
A nice development. Previous backdrops have been eliminates.
Nowadays a cryptocurrency bank is very essential for our world. We will get it by Golden currency. Amazing Idea.
It certainly is.
That would be awesome.
Very good with this idea, I love it so much
ICO's made many millionaire in recent times .
Yah absolutely
Most projects' issue vested tokens to teams. So only those that actually deliver the product reach the level of success you are considering.
Thanks a lot, this is very informative. There are humans in this platform pretending to provide information and click on-baiting customers. But this put up honestly packs a punch with all this information. well played sir.
Thank you :)
Appreciate it
👌👍..better more because crypto currency is taking over the world
Steadily :)