Amazon Is Reportedly in Talks with J.P. Morgan to Create Checking Accounts — here is how Baanx.com are doing the equivalent for the Crypto World.
Amazon is considering partnering with Wall Street’s top banks in an effort to build a “checking-account-like” product for customers, according to a recent report.
The e-commerce giant is in early talks with financial institutions including J.P. Morgan Chase to help launch the accounts, aimed at younger customers and those without banking accounts.
With Amazon’s host of customers and impressive market value, some have wondered whether the e-commerce giant would eventually seek to disrupt the banking system. It would appear Amazon is open to teamwork for now, especially since the company faces regulatory barriers should it wish to lend beyond its pool of Amazon sellers.
The finance industry has been concerned that major tech companies, not only Amazon but also Facebook Inc. and Apple Inc., might try to side-line banks by handling more of their customers’ electronic payments, offering financing or accepting deposits — even if those services open them up to more regulation.
So, what do you think of this combination? A tech giant working with the financial institution in order to offer their current loyal following a banking alternative. Do you think the traditional banking system is in fact outdated and could a more forward-thinking tech business be a better alternative to your current bank?
One business who thinks this is a great idea is Baanx.com!
Baanx.com — Who Are They?
Baanx.com is the World’s 1st Decentralised Blockchain Cryptobank with an Open Access, Open Source and Open Ownership platform — sharing bank licenses between Cryptobanks on the platform.
Similar to the initiative between Amazon and J.P. Morgan, Baanx will provide qualified businesses, individuals, banks and charities the opportunity to launch their own Cryptobank on the platform using rules based, smart contracts.
Knowing how difficult the regulatory environment is to navigate, how hard and expensive it is to get a Banking license, the time it takes and the level of funding & liquidity you must ensure, prove and retain to run even the smallest of EU, UK, US or overseas banks — a decentralised Cryptobank seems the perfect alternative.
Baanx.com is a Cryptobank platform environment where anyone passing verification checks, whether Brand, Business, Charity or Individual, will be able to launch a fully compliant, regulated Cryptobank — completely branded — offering funded, cutting-edge services to customers and with all back-office needs managed through automation, AI and managed services.
You and your business could effectively be the next big bank!
Baanx.com, through a rules-based system, will be sharing banking licenses amongst Cryptobank start-ups, allowing easy entry for those with strong customer followings to enter this new market. Free from the financial constraints, free from the time it takes to get a license and many start-ups bringing loyal customers from their known brands into their Cryptobanks — giving greater confidence in this new Bank sector through brand trust and familiarity.
But Baanx.com is not just catering to your Cryptocurrencies, it will also deliver a simple way to bridge the gap between Fiat and Crypto. Their mission is to bring daily use of Cryptocurrencies to real life and create an unopposed banking service for both Crypto and Fiat currencies in one place.
If you are interested in learning more about the Baanx.com movement then check them out at www.baanx.com and learn how you can support change in banking, decentralisation and open source, open access and open ownership for Cryptobanks.
For more details visit:
Whitepaper: https://baanx.com/sites/all/themes/baanx_new/assets/Baanx_white_paper_v011.pdf?qb
Twitter: https://twitter.com/baanxcom
Facebook: https://www.facebook.com/baanx.io/
