Disclosure: INGOT Coin, the ecoysystem that links crypto to traditional finance, has previously sponsored Hacker Noon.
Digital currencies and blockchain platforms are by nature in the business of putting financial overlords out of business. If individuals and institutions can transact directly at a significantly lower cost due to the removal of exchange middlemen, then there is less of a need for traditional banks and other controllers of the money game. For example, transaction intermediaries (e.g., card networks like MasterCard) — five or more of which are currently required to complete the end-to-end processing of, say, your coffee purchase at Starbucks — are potentially put at risk.
A number of financial institutions are sharing the exploratory heavy lifting by funding or joining partnerships to chase and deploy opportunities for individual and joint cost savings, such as with lower inter-bank settlement fees. Over 40 industry consortiums, mostly in the financial arena, are actively exploring blockchain use cases, developing rules and standards, and creating platforms for a range of financial activities including cross-border payments, asset management, and trading. Many of these consortiums serve as a kind of financial international space station. All participants know that there are advantages to joint exploration and shared costs, but there is also competition at play in a still unexplored environment.
On the institutional investment front, hedge fund managers everywhere are racing to get into the digital currency game. Specialized crypto hedge funds now allow investors to put their money into a pool of existing and new cryptocurrencies. Hedge funds are likely to continue their lead in digital currency investments.
In the highly lucrative business of money transfers, global leader Western Union does not appear to be overly concerned about blockchain-based cryptocurrency money movement competitors. Upstarts in the crypto money transfer space advertise lower money transfer fees using bitcoin, but Western Union counters that the ease of use and ubiquity of their existing systems, and lack of customer demand for crypto-based systems, do not offer enough of an incentive to change course.
No doubt some legacy institutions are hesitant to try the new technologies at a time when existing systems still work and are profitable. They understandably want to see how other large companies and startups fare before making major investments of their own. But the writing is on the wall, especially since startups in the fintech world are nipping at their heels and driving the development of new, innovative solutions.
Another sector facing a real threat from cryptocurrencies and the new funding model they have spawned is venture capital. If issuing a token through an ICO can generate millions of dollars in only hours after a new token is offered for public purchase (a situation which is not uncommon), startups don’t need to jump through the hoops typically required to get VC funding. Furthermore, in the crypto-capital universe, blockchain startups don’t need to relinquish full ownership of their companies or worry about eventual shareholders bossing them around. Instead of demanding business plans, VCs may eventually need to develop a business plan of their own in order to stay competitive.
INGOT Coin (IC) aims to integrate the traditional financial industry with the blockchain innovation by offering a complete Ecosystem that provides crypto holders the access to all financial services.
The first of all-inclusive Ecosystem will be the pioneer in linking the crypto universe to the current traditional world. INGOT Coin will comprise an unique solution by integrating 6 basic components of financial ecosystem and providing a one-stop-shop for the digital asset, traditional asset and currency markets to solve challenges by creating a link between the crypto market and the traditional market. The IC Ecosystem will establish 6 different components to work hand in hand under one umbrella, proving all community members the chance to capitalize on upcoming opportunities in all markets. The Ecosystem’s components, as shown below, are the IC Wallet, IC Exchange, IC Brokerage, IC Digital Bank IC Certifier and IC ICO Accelerator.
IC Wallet will be a blockchain based crypto wallet dedicated to working as a custodial for all cryptocurrencies in the Ecosystem. Participants will be able to use the wallet to send, receive, and store cryptocurrencies available in the market with ease and security. The Wallets will contain multi signature and cold storage systems to create a secure and reliable environment for all stakeholders. The Wallet allows for transfer of tokens from and to the exchange and other wallets. Besides, the wallet would be integrated with the IC Digital Bank, Allowing users to pay with fiat and settle with crypto and vice versa.
IC Exchange will be integrated securely with the IC Wallet, IC Brokerage and IC Digital Bank through a user friendly platform fledge cryptocurrency exchange. The exchange will be listing major coins and newly issued ICOs to provide a complete diversified coin spectrum for market participants. The coins will be listed against other cryptos, fiat currencies and traditional financial instruments such as ETFs and commodities. Investors are able to take a new route in terms of trading their cryptocurrencies and diversifying their portfolios by incorporating the IC Exchange with the other components.
IC Brokerage will comprise a hob of liquidity, efficient market pricing and access to all financial products, ranging from fiat currencies to international equities and from commodities to ETFs. The IC Brokerage’s integration with the IC Exchange and the IC Wallet further provides the investors with hundreds of options to trade in times of any market uncertainty. Through the Brokerage, users will be able to actively hedge and expand their investments portfolios.
IC Digital Bank will provide 7/24 automated payment processing with high-level web-based custodial services. The IC Digital Bank will also facilitate the IC Brokerage and IC Exchange duties, along with providing day-to-day online services such as e-payments. In addition to this, clients are able to open different bank accounts ranging from current and saving, to brokerage accounts. The IC Digital Bank will also provide fund management for all interested stakeholders and support their trading activities by providing unmatched settlement and remittance speed at the lowest fees.
IC Crypto Certifier will aim to build awareness and educate all interested parties on the blockchain technology, through its up-to-date, powerful and diversified educational services. This will include a variety of certified courses on IT consulting, compliance, cryptography, regulatory and financial consulting. Successful graduates will receive and industry-leading and globally distinguished certificate with the different standards agreed upon between industry leading masterminds.
IC ICO Accelerator will aim to unlock funding for all innovative projects by paving the way for creative visions and new ideas. The IC ICO Accelerator will guide entrepreneurs and startups raise funds by providing them with essential services, ranging from marketing strategies, PR services, white paper content creation, to legal services and blockchain technology development. Finally, IC ICO Accelerator will guide participating ICOs to list their tokens on the IC exchange on a much more reasonable price and conditions