Even before the ongoing global pandemic, the financial world has started to shift from fiat money (based on commodities like gold, silver, etc) to the revolutionizing cryptocurrency, and its Blockchain technologies. The Coronavirus crisis has only further accelerated the notion of digital asset adoption that is less dependent on the state of geopolitics and the up-and-down movement of the U.S. dollar.

Recently, we’ve seen countries like Sweden and China test use of digital assets as means of payment - the latter recently rolled out a Digital Yuan, which is backed by China’s central bank. In the private sector, market influencers like PayPal have implemented digital currency payment methods for over 26 million shops worldwide. All this is happening as we’re witnessing possibly the most popular of the digital assets, Bitcoin, hit record highs in value during 2020, jumping from $7,000 to over $19,000, with the sky as the limit.

Enabling banks to offer digital assets

Though, one thing that’s truly puzzling is the fact that the major financial institutions seem pretty late to the game. As of today, around 99% of the population has yet to dip their toes into the cryptocurrency lake, mostly due to the process of acquiring digital assets, which is very complicated and takes precious time. Most people looking to join the digital asset revolution have to go through private “Exchanges” that at times can seem shady or just plain ineffective and expensive.

Israeli-UK startup Crymbo has developed a solution that will allow the major and trusted financial institutions overcome problems faced in adopting and subsequently offering their customers a door to the digital asset trading world. Most financial institutions are just now making the jump to digitized operations, resulting in their digital asset capabilities being a bit lacking in infrastructure. This is where Crymbo comes in, to effectively offer financial institutions a platform to comfortably provide their customers access to the digital asset trading arena, thus creating new revenue streams for the financial institutions themselves.

Tal Amram, Crymbo’s CEO: “Financial institutions do not offer digital assets today, thereby leaving massive financial gaps; fortunately for us this creates incredible growth opportunities for our company, as we can offer them all with our B2B solution, so they might serve the huge untapped clients, that haven’t bought digital assets. Crymbo is a unique SaaS-B2B-Network concept, tailor made for financial institutions. By creating a global network of financial institutions, we allow various services, first and foremost being digital assets.”

The company leverages its founding team’s deep sector insight to provide, as the company reports, a plug-and-play service that taps into the future of finance.  Co-founder Eyal Daskal made a name for himself in the financial realm as a partner at ILS Brokers, which was one of the top dealers in interbank Shekel products, according to the company.

Eyal: “I have learned from my experience that in order for financial institutions to join this market. You have to create a holistic solution. Our method of operation is simple yet precise, and is designed to tackle any aspect while overcoming the challenges of the ever-evolving market (Tech, Regulation, Liquidity etc.). We have created a regulated, global concept, thereby enabling one network for all players. As a result, we allow new players and new liquidity sources to enter. Through these new methods of communication and settlement we are able to completely eliminate counterparty risk, creating better, cheaper and safer accessibility for clients."

As our world continues to change, and the concept of digital assets becomes more prevalent (especially post Covid-19 - countries promoting their digital assets, remote working, cash avoidance etc.). It seems like digital assets of various types are here to stay and will be a big part of our future economy.

Tal: “The way we make all this possible is through our fiat marketplace product, which is currently connected to almost 3,000 SME Financial institutions around the world. This wide reach gives us immediate global access and serves as our Go-To-Market strategy. We believe financial institutions provide higher trust, better accessibility, global presence with a local experience, regulation, better pricing etc. Our offering enables them to easily and quickly join in a regulated manner”.