Can NFTs Replace Traditional Banking Accounts? One Swiss Company Thinks So.
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Gaining increasing traction since 2017, DeFi has been consistently advertised as the transformation of traditional financial products into products that can operate without an intermediary via smart contracts on a blockchain. Recent eye-catching headlines fuel the schism between traditional financing and DeFi, all suggesting that DeFi could replace legacy banking.
Although banks are very acutely aware of the innovation which DeFi and surrounding tech can bring and are actively considering how to incorporate elements of DeFi into their activities, one unique feature which they cannot (and would not) attempt to adopt is the usage of NFT technology to replace existing client accounts.
This is, however, precisely what one fintech company is currently offering - a Swiss cash account on the blockchain, accessible via their decentralised application through any browser. Client accounts are opened by minting the company’s signature NFT and connecting through the clients’ own self-custody, digital wallets.
An innovative and radical solution, Fiat24 offers the best of both centralised and decentralised systems. They hold a Swiss Fintech license granted by the Swiss Financial Market Regulator for executing peer-to-peer transactions and crypto-to-fiat conversions in their closed ecosystem.
Through the Fiat24 web3DApp, users gain full control of their assets, enjoy a multi-currency cash account, and access all of the Fiat24 services via their preferred digital wallet.
The use of blockchain technology also allows for an unprecedented level of security, and eliminates the risk of banking system “downtime” or “server maintenance”. A
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