Cryptocurrencies and blockchain technology have transformed the world of finance. Innovators in diverse fields from medicine to finance are acknowledging the blockchain technology’s advantages and are seeking to incorporate blockchain into their infrastructure.
Businesses benefit from the blockchain technology through greater transparency, increased security, traceability, and verification without intermediaries. This results in immediate payments and transactions that are more secure and can be done without long delays anywhere in the world.
People are migrating more and more to this new financial system due to these advantages. However, the big question for many was whether banks would eventually begin to integrate cryptocurrencies into their system and thus begin to operate with a hybrid economy between crypto and FIAT money. The first step towards the implementation of this economy seems to have been taken since the Office of the Comptroller of the Currency (OCC) issued an official announcement stating that it would grant permission to banks authorized by the United states federal government to custody cryptocurrencies.
This decision is an important step in the modernization of banking in the United States and the economy in general, so it should not be surprising that more countries are starting to take such action. The implementation of a hybrid economy could bring many advantages to its users, as many of the traditional services offered by banks could improve the technology of the crypto world. Some areas that could be improved are security, speed, and transaction fees.
An example of this is the digital wallet bitfoliex, which has been one of the fastest-growing platforms in Latin America thanks to all the benefits it offers its users.Bitfoliex started in 2018 with the intention of providing access to the world of blockchain and cryptocurrencies to anyone and surpassed one million users in less than a year. This platform allows users to send and receive payments with cryptocurrencies in a fast and secure way. There is no doubt that the hybrid economy will become an increasingly common model throughout the world. Innovative platforms such as bitfoliex will therefore be increasingly useful for people who are starting to use this system and making a definitive leap into the hybrid economy.