What role do cryptocurrencies play in the Fintech Industry: Expansive Economy

What role do cryptocurrencies play in the Fintech Industry: Expansive Economy

Webllisto | March 28, 2022

Cryptocurrency is the most pacing subject amongst investors worldwide. The blockchain is integrated with industries like gaming applications, finance, Real estate, Retail, logistics and many more. Of these, the Fintech industry and Blockchain tech is a potent combination for revolutionizing the financial industry with outstanding DeFi Development services.
 

What is Fintech?

 

What does this fancy word “Fintech” infer? Fintech is a collaborative term for Financial services and technology. Through Fintech, businesses can render financial services by utilizing software and modern technologies for educational, retail banking, fundraising, non-profit, and other management sectors.
 
Fintech is all over the news for its boundless technological interventions. The combination of Fintech and cryptocurrency is the future of the financial industry. To fortify the transfer of assets one can create wallets through DeFi Development services. According to the Fintech adoption Index, nearly one-third of the consumers utilize multiple fintech services. With the popularity of fintech, Blockchain technology adds spice to the evolving fintech industry.
 

How is the Fintech industry adopting cryptocurrencies?

 

Well, the direct impact of cryptocurrencies on the fintech industry pertains to its innovation and high-end security. With the bandwagon of Blockchain technology, the financial industry is taking a leap over traditional finance. This shift of technology is recent and imparts disruptive traditional practices.
 
One of the prime reasons for integrating Crypto with Fintech is to eliminate fraud. However, theft activity with Blockchain technology is still possible but such malicious activities are time-consuming and technique-sensitive.
 
Read on to know more about the revolutionization of the Fintech industry by crypto
 

Cryptocurrencies are more valuable than traditional currencies

 
The hype of cryptocurrencies is so high that it off beats the fintech companies. The valuation of the fintech industries amounts to $1.82 trillion USD while that of cryptocurrencies is approx $2.44 trillion USD.

Moreover, the CEO of BitPay once stated that with the overwhelming usage of crypto the traditional financial system has been disrupted and the crypto has opened the doors for global trade. Apart from this, the crypto eliminates credit card usage, lessens transaction fee, impart transparency, and eliminates fraud risk.

• Eliminate frauds:

  Blockchain is known for its robust security. With distributed ledger technology, the transactions are secured and verified for easy record tracking. Moreover, the documents can neither be manipulated nor be destroyed. Blockchain comes as a challenge for fraudsters in the financial sector. Did you know, In research by Chainanalysis, in 2020 only 0.34% of cryptocurrency transactions were categorized under fraud?

• Transparency:

  Blockchain transactions are anonymous for every participant and that allows for accessing the history review without revealing the identity. Hence, the transactions are traceable yet hidden.

 
Furthermore, the companies dealing with international transactions suffer high transaction costs and delays in settlements. To procure such hassles, crypto payments are a boon to the thriving economy. Cryptocurrencies regulate liquidity with faster and secured transactions.
 
The forecast of the fintech industry signals huge innovations by 2030 with comprehensive banking solutions for 1.7 billion of the population who were unbanked.
 
After discussing this vivid integration of the future fintech industry with cryptocurrencies, one question strikes our brains. How to gain maximum advantage from the fintech industry? How to incorporate cryptocurrencies in your enterprise? Which company can render exceptional FIntech and Cryptocurrencies services for your enterprise?
 
Well, the answer to these questions can be obtained by hiring dedicated cryptocurrency developers for your Fintech industry. Enter the world of blockchain technology with excellent DeFi development services and DeFi wallet development services by Webllisto technologies to keep ahead of the competitive market. Being a prominent DeFi Development company, Webllisto can cater to exceptional Cryptocurrency exchange Development services. Regardless of the current Cryptocurrency scenario, with acceptance of the government and high popularity, the fintech industry is likely to boom in the future with global acceptance.