Cryptocurrency Banking Solutions for Asian Bank

Asian Bank

Making crypto-centric banking
solutions mainstream

Industry Fintech
Business Type Startup
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About

Asian bank app is a holistic platform for people with crypto assets looking for a place to store, transact, and convert cryptocurrencies in fiat currency.
It is a core banking solution that offers functionalities such as wire transactions with crypto, buying and selling of cryptocurrencies, wallet recharge, and other payments using Bitcoin and Ethereum.

How Did We Introduce
Crypto as a Mainstream
Source of Day-to-day
Transactions

Traditional banking was seen as a convenient way of making financial transactions. Nonetheless, advances in technology have left banks vulnerable to data breaches and other governance & compliance issues.
Cryptocurrencies are playing an integral role in addressing these imperfections. For instance, crypto banks are more immune to data hacks compared to traditional banks. Similarly, cryptocurrency transactions are anonymous and secure. If someone makes a payment to you using paper cash, there’s a possibility that the money could be counterfeit. This isn’t the case with crypto-cash since you cannot counterfeit a cryptocurrency.
Although cryptocurrencies are the probable future of currencies in general, their current adoption is still an impediment with slow growth. It's all a ripple effect of the fact that there are fewer real-life uses; so its wide adoption is still up for grabs.
Enter Asian Bank offering core banking functionalities. The app widens the horizons for the use of Bitcoin and Ethereum.

Our Process

What we truly appreciated about the Appinventiv project team was their R&D focus. Before jumping to any development milestone planned for the components, they set out time for extensive research. They anticipated the research time dependency and its inclusion in the agile cycle before we started working together - they were utterly transparent right from the start.

Our Development Process

Building The Next Big Thing in Consumer Finance Space

The modus operandi of the Asian Bank cryptocurrency project for us was: We should look at the solution to be a banking solution that provides a custodial cryptocurrency wallet along with Plastic cards. The user was to have the ability to add FIAT and crypto funds and transact using the application or the application-issued plastic card.

The central ledger was designed to maintain the transactions and balance of users for FIAT, crypto, and a card with zero scopes for errors. Compliant gateways and secure crypto transaction channels were utilized along with secure storage of funds in a hot-cold wallet architecture.

Incorporation of a concept that is still finding its grounds in mass real-life usage required an extensive set of hypothesis testing on our project development team’s end. Our R&D identified and found prospective solutions around several key challenges like:

Architecting the solution as we had to maintain a central ledger of all transactions both of FIAT and Crypto maintaining a user’s fund integrity. Integrating cryptocurrencies in the system and ensuring secure custody of assets. Since we employed four different third parties, namely, TRULLIO, OSL, BIG (card provider), and Ebanq (for wire transactions), the biggest challenge was to sync all these third parties into our process to create a core-banking solution.

The Results

250K+ app downloads
50K+ cryptocurrency transactions

Appinventiv helped
Asian Bank make
cryptocurrency transactions
mainstream

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