Grow Bank’s mobile platform supports 64 fiat currencies and 20 cryptocurrencies. (Photo Source: Grow Bank)
Grow Bank, a Zurich-based fintech startup, plans to revolutionize the banking industry by merging crypto and fiat currencies into its primary services. The bank’s hybrid program offers a Neobanking system that combines the best of both worlds when it comes to traditional banking and decentralized finance (DeFi). Grow Bank aims to stand up amid the competition by being one of the first banks to bring traditional finance and DeFi together.
Grow Bank announced that it has already secured an e-money and classical banking license, EMI, and FCA. These allow it to offer both fiat and crypto services to its users under the safeguards of Swiss laws and regulators.
Currently, the startup platform supports 64 fiat currencies and 20 cryptocurrencies. Fiat can be exchanged with a very minimal commission. Users can open a corporate or personal deposit account using its mobile application and access a debit card for transactions.
Additionally, Grow Bank issues Grow Tokens that users can buy. The same also incentivize customers with dividends for each transaction.
Grow Bank charges a fee of 145 euros annually and 12 euros monthly for personal and corporate cards. The bank makes its services affordable for all by charging minimal fees treated as commissions while rolling out “smart dividends” to users on every paid transaction.
Likewise, the firm has an affiliate scheme, too, so its services are always open to anybody. This includes consumers in areas without crypto regulations.
Grow Bank’s business model intends to break away from the mold of conventional finance, as the startup offers a hybrid program that merges traditional banking and DeFi. Then, the mobile bank provides a fair share of profit to its clients while providing a dependable and simple integration of digital assets in its offerings.
Moreover, the increasing demand for Neobanking services also bodes well for Grow Bank. The failures of Silicon Valley Bank (SVB), Signature Bank, and Silvergate dealt significant damage to USDC, eliciting negative sentiments from crypto enthusiasts. Dollar-pegged stablecoins partly depend on the traditional banking system to store their reserves, and the collapse of these banks led to USDC briefly de-pegging.
Grow Bank’s model appears to offer an alternative to fractional reserve banking to avoid events like SVB, Signature, and Silvergate Banks’ collapse from reoccurring. The bank positions itself as an alternative to traditional banking by offering a Neobanking service that joins traditional banking and DeFi.
Grow Bank’s integration of crypto and fiat currencies into its services marks another milestone in linking traditional and decentralized finance. The bank’s hybrid program appears to offer an alternative to traditional banking while catering to the growing demand for Neobanking services. The bank’s focus on minimal fees and smart dividends on every paid transaction makes its services affordable and enticing for institutional and retail customers.
As the banking industry continues to evolve, Grow Bank’s model offers a glimpse into the future of banking. The integration of crypto and fiat currencies into banking services could become the norm in the future financial landscape, and Grow Bank appears to be at the forefront of this revolution.
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