EOS Technology to Power Europe’s First Complete Crypto Banking Solution

EOS Technology to Power Europe’s First Complete Crypto Banking Solution

Brian Armstrong, CEO of Coinbase, stated back in May that any platform that is seeking to put forward a complete financial offering will incorporate “both centralized and decentralized products which help create an open financial system, just like ISPs (centralized) and browsers (decentralized) both play a key role in the internet ecosystem.”

One such outfit sharing that vision for its future growth plans is Platio, a venture that is currently organising its own upcoming ICO in a bid to integrate cryptocurrencies within a traditional financial services context.

The idea is that users – both individuals and businesses – can be offered a pick-and-mix set of custodial, brokerage, payment and exchange solutions from a single platform, or an “all-in-one banking app to access crypto, fiat and stocks … from a single log-in,” as the project’s white-paper outlines.

EOS OFFSHOOT

Identifying the right balance between fiat and crypto is seen by some analysts as the most critical aspect in achieving mass adoption.

Platio CEO Dima Okhrimchuk has stated his own belief that eventually “all financial assets will be tokenized and run on Blockchain,” amounting to “a revolution that will completely transform the international financial system.”

In the meantime, however, the platform plans to provide a comprehensive offering of services for fiat, stocks and cryptocurrencies as equal partners on a platform which will thus allow a wider audience to familiarise itself with cryptos. 

The eventual platform is to be hosted on a privately permissioned EOS blockchain, making the project the first complete BaaS (Banking as a Service) solution to be built on EOS technology.

In order to stay accessible to the greatest number of potential investors, Platio will be releasing its native PGAS currency as an ERC-20 compliant token on the Ethereum blockchain. Once the EOS infrastructure is in place, the project team will then perform an airswap with its own own side-chain.

The final product offering will also incorporate a payments card whose liquidity will be backed by a number of fiat and crypto currencies, leveraging an EU license which it has already procured for authorising payments in fin. The project has set itself a €34 million hard cap for its upcoming Initial Token Sale as part of its overall mission to globalise its business model.