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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.
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.
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.