All-in-One Digital Wallet Introduced by Sweden’s StrateVic

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ByI. Mitic
August 15, 2019

Buying, storing, and selling cryptocurrency and other digital assets poses a challenge for many. A certain amount of technical knowledge is required to manage an e-wallet. Also, users must overcome challenging security, reliability, and compatibility issues.

That’s where Bankt comes in.An innovative venture launched by Swedish StrateVic Finance Group AB, Bankt is the first e-wallet backed by a publicly traded company. StrateVic, listed on the Frankfurt Stock Exchange, created it to bridge the gap between traditional banking and digital assets.

Bankt emerged as a result of the company's initial need to manage its digital currency portfolio. As more and more crypto enthusiasts turn to trading instead of mining for profitability, StrateVic has decided to offer its product to consumers and become the first institutionalized entity in the cryptocurrency trading market.

The advantage of Bankt is that it will allow people to easily manage their entire currency portfolios, including both traditional cash and digital currencies.

“We noticed that people still discriminate between cryptocurrency and ‘ordinary’ currency,” says StrateVic CEO Bert Scheen. “We believe it’s the same as people who say ‘color TV’ or just ‘TV,’ as to us it’s all just currency and we want to create a seamless way of handling this.”

StrateVic's vision is to offer consumers all the benefits of a real-life wallet. Scheen says existing e-wallets do not have the same functionality online that traditional wallets have offline. Real-world wallets carry credit cards, cash, and personal identification, while e-wallets store only crypto funds and sometimes fiat currency.

Although there are already services labeled as “the first real crypto bank” on the market, Bert Scheen says that these are essentially just regular e-wallets with some features to support simple banking services. Bankt is different, he says, because it will provide a unique cross-asset structure with the ability to store cryptocurrencies, fiat currencies, and tokenized assets and securities. StrateVic says Bankt’s planned KYC and ID facilities will meet the highest security criteria.

In addition to providing a unique all-in-one wallet, the company also plans to launch physical branches that provide services like Western Union’s. People who are not crypto insiders will be able to use ordinary retail banking services and enter the crypto world at the same time. The service will also provide banking services to those who don’t have bank accounts.

Institutional investors are already investing in blockchain technology companies, but only those who decided to be listed in a regulated marketplace. StrateVic representatives believe their new product will encourage many blockchain companies to take an inclusive path that will contribute to faster mainstream adoption.

About author

For years, the clients I worked for were banks. That gave me an insider’s view of how banks and other institutions create financial products and services. Then I entered the world of journalism. Fortunly is the result of our fantastic team’s hard work. I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions.

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