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A new blockchain-based payment system aims to create an infrastructure that will digitize banking like never before, bringing together banks, regulators and consumers.
Cryptoenter says its goal is to blur the lines between fiat and cryptocurrency. The platform will deliver DeFi-inspired services, all while providing levels of trustworthiness that traditional banks have become renowned for.
The ecosystem has been in development for two and a half years. It was built by Smart Block Laboratory, which became a registered business partner with IBM in 2017. A year later, the company was recognized as a silver member of the Linux Foundation and was also accepted by Hyperledger as a general member.
Cryptoenter is said to be the first Hyperledger Fabric based interbank payment service in the world.
Currently in beta, it is hoped that the platform will unlock “a new level of interaction between users and banks, as well as between users directly.” All market participants will also have access to new financial tools, effectively paving the way for consumers and businesses to quickly launch their own digital currencies if they wish or take part in coin staking.
A deep dive into the ecosystem
Cryptoenter’s payment service aims to compare favorably with interbank settlements conducted via SWIFT and SEPA, as well as retail payments via Visa, Mastercard and American Express. It will also offer services reminiscent of electronic payment systems like PayPal and Amazon Pay, not to mention mobile phone-based money transfer services like M-Pesa.
Overall, Cryptoenter is designed to become a “full-fledged cross-border payment platform for banks and end users”, delivering features that are “currently in high demand” in global financial markets.
In January 2020, Smart Block Laboratory received $ 120,000 in free IBM Cloud credits so they can move forward with the rapid launch of Cryptoenter.
At the time, company director Pavel Lvov said: “Thanks to IBM, these free credits will help launch the Cryptoenter blockchain platform for digital banking and make it accessible to users, as well as decentralize relationships between consumers and banks across the board. the world. Hyperledger Fabric technology and powerful IBM Cloud deliver unique transformative benefits to financial markets, with great efficiency, high transaction speed and low cost. Cryptoenter is transforming the banking sector just as the invention of the two-way telephone changed the world in the age of radio “.
The features on offer
Through Cryptoenter’s blockchain infrastructure, users can access an investor social network as well as a decentralized crowdfunding platform. Everyday consumers can transact with each other directly on a peer-to-peer basis, with cross-border payments executed quickly and with little expense. Stores can also modernize how they receive retail payments.
The ecosystem will also offer cryptocurrency loans and allow the issuance of stablecoins to increase liquidity, all while providing the underlying technology for creating a virtual crypto bank.
Looking ahead, Cryptoenter says it is completing its integration into the IBM market and hopefully this will provide a sales channel to decentralize banking services around the world. Employees of the tech giant will be notified of the creation of the Smart Block Laboratory at an upcoming seminar.
The company’s blockchain infrastructure for digital banking was to be launched in October 2020, with the exchange Cryptoenter set to make its debut in November or December. Paying agents will begin linking in January 2021, and in the first quarter of 2021 the project has the ambition to expand to Japan, the United States and Africa.
The platform was launched and has already attracted 15,000 registered users. To fuel Cryptoenter’s global expansion, Smart Block Laboratory plans to initiate an open token sale in November 2020.
Cryptoenter’s financial products are expected to follow in the summer of 2021, allowing users to access cryptocurrency-backed loans.
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