Merging banking system and blockchain solutions for fast and secure global money transfer
The international money transfer market is growing at a consistent CAGR of 10.4%. Around $530 billion USD is being transferred internationally every year. Migration is rising continuously which made the global remittance towards developing countries cross $466 Billion in 2017. Transferring money across international borders has always been an arduous and expensive feat.
The banking industry is under continuous pressure to enable faster and cheaper transfers. While the system is ripe for a digital disruption, it is need of a solution that can tackle low-cost, secure and near instant remittances.
The average cost of sending money overseas via the banking system is around 7.21% and it takes 2-3 days to process. The intermediaries, paperwork and hidden charges exemplify the time and cost of overseas transfers. Involvement of different currencies and the absence of standardization of banking operations adds to the complexity of the process.
The decentralized nature of Cryptocurrency seems to be an obvious panacea to the issues plaguing the banking system. But the adoption is yet to go mainstream as the public is still wary of exploring the usability of cryptocurrency.
Kronn focuses on simplifying the usage of cryptocurrency by building a global exchange network. The exchange makes it convenient to buy crypto instantly and withdraw it in local fiat as per current market prices.
It is a decentralized initiative backed by blockchain. The platform provides an international transfer market place parallel to the existing banking system but is faster and involves less fees.
As the project matures it will grow into a platform where users can take loans, store cryptocurrencies, get interests on cryptocurrencies or issue debit and credit cards.
What are the issues of cryptocurrency landscape that Kronn is addressing?
More than 200 cryptocurrency exchanges are involved in day to day crypto trade. But most of them lag an impenetrable security layer. These exchanges keep most of the cryptocurrency online exposing it to hacking risks. Kronn reduces the security vulnerabilities by using 100% cold storage wallet. Another security layer is the Google 2FA and SMS.
Waiting time and fees
The current cryptocurrency exchanges do not support users with on-ramping. The users struggle to buy crypto using fiat directly or end up paying exorbitant fees for the same. Kronn provides a direct solution by offering an integrated network of exchanges to facilitate easy buy/sell of cryptocurrencies.
Cryptocurrency is a completely new zone for most of the end users. Current exchanges are not offering an intuitive interface to users. This is where Kronn will make mass use of cryptocurrency possible. By developing a highly intuitive interface, Kronn is addressing the challenges of cryptocurrency adoption.
With the implementation of light weight protocol, the speed of over 7000+ transactions per second is achievable for Kronn Coin. It makes the transfers instant and free to transfer.
Addressing the liquidity and security challenges of the crypto assets, Kronn offers functionality and user-friendliness to the crypto traders.
With the use of CCXT library, the Kronn Exchange provides real-time access to market data for algorithmic trading. The developers can build trading algorithms on top of the platform.
Kronn has already acquired a banking license and is working on the technical development of the system. Kronn bank will be a global institution where crypto users can open an account without any hassles in a few minutes. A banking App will be made available to users from where they can buy/sell crypto, avail a debit card and would receive interest for holding crypto in the account.
The Kronn Bank wallet allows user store multiple currencies. The users will not be required to convert the currencies before they send a particular currency which saves a significant conversion cost. The debit card issued to the users will allow them to choose any cryptocurrency as the primary payment mode.
A strong team of four blockchain engineers makes Kronn a promising project. Adam Dadosa is working on Kronn network development, Kendall Cole is managing the development of Kronn Coin, Fabian Lurz working with the Kronn Wallet development team and Roman Nagorny is handling Smart-Block System.
All project phases are being developed in parallel which is a very good sign of a potential project coming up.
In a recent announcement Kronn Ventures and Bitforex, a leading global digital currency exchange partnered to develop foreign currency remittance system using blockchain technology that will facilitate real-time transfers.
The new foreign currency remittance system is a partnership effort of Kronn and Bitforex which is expected to bring more convenience to the users of traditional remittance platform users.
The advancement of blockchain will render speed, security and low cost transactions to the global transactions. The partnership is going to address the soft spots of the current cryptocurrency exchanges by developing a platform that offers impervious security and ease of on-boarding.