Digital Asset Bank Software

O G S S Technologies is a Top #1 Digital Asset Bank Software We believe that together with our customers we can improve the comfort of many people. We use our competencies and experience to create software which has a real impact on the present and the future with Top #1 Software Company.

Top #1 Software Development Company Dubai-based international offshore software development and services provider with a presence in over 9 countries spread across four continents, supported by over 5000+ people from over 35 nationalities.

O G S S Technologies is a top private limited custom software development company, formed in early 2006 by the current CEO, Murali Sampath. O G S S Technologies is coming under OGHO Group of companies, and the OGHO group of companies include diversified subsidiaries as well as joint venture companies.

Our Software development company is to advise clients on how to use software to meet their business objectives or to solve business problems.

Our mission is to help customers top #1 software development to achieve their business objectives by providing innovative, best-in-class consulting, IT solutions and software development. We function as a IT partner to business, offering a consulting – plan – implementation approach with an integrated portfolio of technology software development that encompass the entire Enterprise value chain.

Cryptocurrency banking mostly just allows people to hold their funds in a digital wallet or spend it like they would spend traditional money. People can manage crypto balances on exchange platforms.

The rise of cryptocurrency and its new-age blockchain-based mechanism had captured the interest of traders, investors, and financial institutions alike. However, the virtual medium takes way the ease of spending the currency just as people like to spend cash or currency notes. In recent times, new services and platforms have been introduced to help people manage bitcoin and other such digital coins in day-to-day finances. Here’s what you need to know about cryptocurrency banking and its benefits:

Bitcoin – the world’s largest and most popular cryptocurrency by market cap, is held in virtual wallets with unique keys. Bitcoin and other digital coins are equivalent of cash, but in electronic form. The virtual currency is not held in physical form. Digital currency is decentralised by a ledger system called blockchain, which means that it is not controlled by a bank or central authority.

Cryptocurrency banking is sometimes considered an inaccurate term, as the digital coins are not regulated by a central authority. Exchange companies and firms that offer services of managing digital currency, are not technically banks. Cryptocurrency banking mostly just allows people to hold their funds in a digital wallet or spend it like they would spend traditional money. People can manage their cryptocurrency balances on exchange platforms.

The main benefit of cryptocurrency banking is that exchange platform allows consumers to use the digital coin balance just like any other currency to make day-to-day withdrawals and purchases, just like cash, instead of keeping it as an investment.

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Crypto debit cards – commonly known as bitcoin debit cards, which are issued by cryptocurrency exchange platforms, operate like prepaid debit cards.

These can be loaded with cryptocurrency to make online and in-store purchases from merchants that do not accept the digital currency. Cryptocurrency exchanges usually require individuals to create an account and/or digital wallet in order to apply for a crypto card. Some platforms also require users to validate their identity using the Know Your Customer (KYC) verification process.

To avoid being left behind, banks need to find a way to embrace this technology and treat it as a friend rather than an enemy. Cryptocurrency adoption could streamline, enhance, and upgrade financial services, and there are plenty of recent industry advancements that can ease banks’ concerns around the risks and instead let them recognize the potential benefits.

Easy Onboarding & Expert Assistance

Banks could help bring new, less experienced individual investors into the space by developing tools that would facilitate the adoption of crypto by their customers. For example, inexperienced cryptocurrency investors may not have the capabilities to set up their own wallet to custody their own cryptocurrency. Rather than leaving their cryptocurrency “off exchange” or at an unregulated third party, they may find it easier and more secure to hold it within a trusted financial institution. Banks could offer interest-bearing crypto accounts, where customers could invest the crypto on the back end or through other financial tools. Banks might relieve some of the stress of investors that aren’t experts in the nuances of crypto by acting as a trusted third party that’s well-respected in the finance industry and can keep investors’ assets protected.

AML/KYC Regulations Administered

In 2019, the Financial Crimes Enforcement Network’s (FinCEN) determined that any cryptocurrency transactions and custody services conducted through crypto entities that are considered money service businesses must still abide by AML/KYC regulations. This will help avoid malicious transactions, illegal activity, or scams using these platforms. These regulations could help banks and larger financial institutions conduct due diligence on customers involved in crypto transactions, further diminishing their anxieties about the risks that these transactions pose. There’s even a possibility that blockchain technology could automate AML and KYC verifications. Blockchain could potentially allow for a streamlined view of shared data on individuals between banks, loan officers, and other institutions. In other words, there could eventually be one blockchain that stores all customer data. This blockchain data could then be utilized by all financial institutions, allowing for fast reviews of customers to quickly identify any red flags insinuating nefarious or illegal activity.

Custody Services

In July, the OCC stated that banks and savings associations could provide crypto custody services for customers, including holding unique cryptographic keys associated with accessing private wallets. This means that the OCC believes that banks could safely and effectively hold either the cryptocurrency itself, or the key to access crypto on a personal digital wallet for its customers.

Security Concerns

Banks can help mitigate the security concerns of cryptocurrency holders. Hacking of personal wallets and exchanges is a concern for many holders. Well-established banks could help secure digital currencies from theft or hacks, putting clients’ minds at ease. Bringing cryptocurrency under bank supervision could help diminish criminal activity or the appearance to outsiders that cryptocurrency transactions aren’t secure.

Payments

As indicated in the most recent OCC letter, banks can utilize public blockchains, including stablecoins, to speed up their payment processes. Blockchain technology provides a faster and less expensive alternative to clearing houses when processing transactions. The clearing and settlements could occur at a much faster rate if banks utilized blockchain technology.

Smart Contracts

When entering into an agreement through a smart contract, there’s a reduced level of trust needed among parties because the success of the transaction relies on computer code instead of an individual’s behavior. Banks could reinforce that trust by becoming a reliable third party that utilizes these smart contracts for mortgages, commercial loans, letters of credit, or other transactions.

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Digital Asset Bank Software Development Company