The DIGI Coin Aims to Speed Up International Money Transfers
Rahul Kalvapalle — January 10, 2018 — Business
References: dbs & bit-media.org
Digibank, an offshore bank situated in Dominica, is set to offer an innovative new banking cryptocurrency that is designed to make financial transactions more efficient and speedy.
To this end, the bank is working in conjunction with Jubilee Fintech Holdings Limited to develop a blockchain ecosystem called 'DIGI', which stands for "Decentralized Intelligent Global Instruction." As the name suggests, the system is designed to create a decentralized and secure system to keep track of financial transactions, specifically those that occur across international borders.
By using the wonders of blockchain technology as the backbone on which financial transactions are stored and recorded, Digibank and its DIGI banking cryptocurrency aim to increase speeds and reduce costs associated with international banking as well as other financial ventures such as loaning, crowdfunding and micro-financing.
To this end, the bank is working in conjunction with Jubilee Fintech Holdings Limited to develop a blockchain ecosystem called 'DIGI', which stands for "Decentralized Intelligent Global Instruction." As the name suggests, the system is designed to create a decentralized and secure system to keep track of financial transactions, specifically those that occur across international borders.
By using the wonders of blockchain technology as the backbone on which financial transactions are stored and recorded, Digibank and its DIGI banking cryptocurrency aim to increase speeds and reduce costs associated with international banking as well as other financial ventures such as loaning, crowdfunding and micro-financing.
Trend Themes
1. Cryptocurrency Banking - Opportunity for financial institutions to develop and offer cryptocurrency-based banking services for smoother and more efficient international transactions.
2. Blockchain for Financial Transactions - Opportunity for businesses to develop blockchain-based systems for secure and decentralized financial transactions, reducing costs associated with traditional banking.
3. Decentralized Finance - Opportunity to embrace decentralized finance by using blockchain technology for financial transactions, enabling seamless international transfers.
Industry Implications
1. Banking - Opportunity for banks to incorporate cryptocurrencies and blockchain technology to offer faster and more efficient cross-border transactions.
2. Financial Technology - Opportunity for fintech companies to create decentralized financial systems using blockchain technology for smoother transactions.
3. International Finance - Opportunity for financial institutions and companies to utilize blockchain and cryptocurrency to streamline international financial transactions.
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