CRYPTO BANK’s 3 Innovative Solutions
- Integrated Asset Management
Cryptobank provides an integrated asset management platform. Using the Application Programming Interface (API) key provided by the exchange, the functions of various exchanges can be used in one application. On the Cryptobank platform, users can check the overall asset status at a glance, and check the market price of assets on different exchanges. In addition, arbitrage trading is possible by using the asset transfer function.
2) Easy Transfer
Cryptobank provides an easy transfer service. Once a friend is registered on the user’s account, the user can send virtual assets to the friend by selecting an exchange the user’s choice. On Cryptobank, the user can enter the transfer amount in KRW to remit virtual assets for easier usage. The existing method for virtual asset transfer from one exchange to another requires entering the quantity. For example, to tranfer Bitcoin, the user needs to enter the quantity to the decimal point. However, Cryptobank makes the remittance process much easier because the amount of the token is automatically calculated according to the market price when the user enter the transfer amount in KRW.
3) Two-Way QR Payment System
Cryptobank’s Two-Way QR payment system holds a number of related original patents on technologies that allows two QR code reading devices to process payment to mutually confirm information and proceed with the correct payment process. This method enhances security and makes the payment process as simple as using a credit card since the whole process is made through the POS machine of an affiliate store where QR code is generated. Cryptobank’s Two-Way QR payment system can recognize the information of various payment systems with only one QR, so it has excellent scalability to support wide range of payments. Therefore, Cryptobank provides the convenience for both the users and store managers.
The following describes the Cryptobank’s payment process is as follows. The user selects a virtual asset for payment on the Cryptobank mobile app and scans the QR code displayed on POS. Payment is made by subtracting the quantity of the virtual asset equivalent to the price of the product. At this point, the quantity of the token is determined by the market price at the time of payment. The deducted virtual asset is immediately sold at the current market price and deposited as cash. The affiliated store receives settlement in KRW through a settlement company (payment gateway) designated by Cryptobank on the third business day. This process is similar to the existing credit card payment settlement. As customers do not have to worry about the volatility of virtual assets when making payment, they become more comfortable with using virtual asset settlement.
While Cryptobank is a virtual asset management and payment platform, it emphasizes the fintech integrated payment model. The platform must be able to integrate with the existing payment system to attract offline franchises, rather than introduce a totally new system. To expedite the integration, Cryptobank is taking the lead in distributing POS to affiliates of top POS service providers, Daewon POS, Chanyul, and Paycrux. Also, the platform is cooperating with T-Payment, a taxi payment company, to supply virtual asset payment devices to private taxis in Gyeonggi, Incheon, and Daegu.
