Fintech (financial technology) is a term that describes the use of new technology to improve traditional financial systems and services. The introduction of fintech significantly improves financial services by automating a large part of these processes using technology. Businesses, companies, and even individuals now manage their services, keep track of transactions, and can better tell when there is profit, loss, growth, or stagnancy within their portfolios.
Every day, software developers and programmers create new applications and algorithms that support financial services. In fact, solutions provided by some software applications are so broad that two users can take the software in entirely different directions.
Fintech and Cryptocurrency
Since cryptocurrency exploded and digital assets became more popular, fintech has taken a new turn. The cryptocurrency sector has disrupted the financial industry in ways many did not think possible. For instance, payment finality anywhere in the globe is a near-instant with blockchain technology. The immutable nature of the blockchain ensures that people cannot alter transactions or delete them.
In many cases, traditional cross-border payments may take several days (or more) to settle. On top of that, when there is a hindrance or some dispute, the resolution period may even stretch into weeks. Blockchain platforms solve many of the problems plaguing traditional systems. Regardless, there is still a noticeable gap between conventional finance offers and digital innovation.
EURST Bridges the Gap
One major factor that continues to maintain the gap between traditional finance and cryptocurrency offerings is crypto’s instability. Because crypto asset prices are so volatile, the value of a transaction can quickly change. The best solution to this problem is a stablecoin, a crypto asset that combines the benefits of blockchain technology with a fiat-pegged asset.
While there are several stablecoins currently available in the crypto market, the EURstablecoin (EURST), an Ethereum ERC-20 token, sets itself apart from the rest of the herd. Most other stablecoins have values pegged to one fiat currency and carry that value across every transaction. However, the EURST token has a different model, pegging the token to the real value of 1 Euro in USD, and unlike most of the stablecoins, it keeps its collateral in 100% fiat funds.
Another unique EURST feature is its real-time audit. To ensure transparency, the EURstablecoin has in place a 100% fiat collateral, held in escrow account with a trusted custodian, audited in real-time. This means that all funds are held for the benefit of the token holders, and can be redeemed at any time via the EURST dashboard. Moreover, the live audit by a recognized US accounting firm gives token holders, institutions and regulators that all EURST stable coins in circulation, are fully backed, at any given moment.
Holders can use the EURST token to capitalize on the advantages that come by utilizing a euro digital stable coin, whilst keeping a reserve in USD. According to Wallex Bank’s Founder and CEO, Simone Mazzuca, the US economy has a stronger organizational base, which helped to considerably weather storms waged by the ongoing pandemic, especially at its worst in 2020. On the other hand:
“The European economy operates via a different…maybe, one could say, a flawed economic system, and therefore it becomes more vulnerable to change of regulations and stabilize operations during such times.”
Mazzuca also added that the pandemic, in addition to the situation with BREXIT, makes the European market more vulnerable. Essentially, pegging the EURST to the Euro’s dollar value markedly solves this problem.
Why EURST?
- Although blockchain technology ensures transparency, EURST’s real-time live audit and escrowed collateral take this transparency to a whole new level. Members of the EURST community can rest assured that the team will continuously operate with openness, ensuring that all funds are safe at all times.
- People who are looking for a safe place to hold their funds can easily open an account with https://app.eurst.io and deposit their funds so that they bring EURST instead, and thus benefiting from a much larger insurance on the deposit.
- Merchants and institutions who are looking for a trustable euro digital payment instrument which to choose to accept for payments, can make the sure choice to rely on EURST – the reliable and trustable euro stable coin.
The global economy can benefit from EURST’s capabilities, regardless of location. Using blockchain technology, live audits, periodic third-party security audits, and merging the best of the Euro and Dollar fiat currencies, the economic hardship faced as fallout from COVID and several financial variables will reduce to their absolute minimum.
