On April 23 to 25, PlatON gave a preview of one its ongoing product which would change the finance world as we all know it, but before we dive into this let's take a look at the current existing finance system.
Money can be dated back as far as man existed, the concept have changed and keeps upgrading as each day comes by, at a point man was able to trade simply by exchnaging excess of what they had for something they needed and as civilization gradually and steadily came into existence, the concept of paper money became widely accepted and over time deposit and withdrawal became a thing which later improved to online banking which is probably the most well known banking system in present day but this itself is not too flexible due to the various paper works behind it and also due to its off days or moments.
The finance world is one that doesn't sleep and each moment there are various deals ongoing, agreements, and what have you where money is made to change ownership from one user to another but this is not usually straightforward especially on cases where huge sums are in play, it becomes somewhat hard to move it from one user, individual, company, to another but what if there was a system in play that allows a quick, direct, easy to use and also at almost a negligible fee to transfer assets from one individual to another? Well it gives me joy to introduce Deposit tokenization.
What is Deposit tokenization?
This is a game-changing innovation in the fintech industry as it transforms the form and trading modes of traditional financial assets. By converting deposits into blockchain-based tokens, deposit tokenization not only boosts asset liquidity but also offers more efficient and cost-effective solutions for cross-border payments and financial transactions. As the demand for more flexible payment and settlement mechanisms continues to rise in the global financial markets, deposit tokenization technology is emerging as a crucial driver of innovation in the financial industry.
Imagine a system that allows you to make instant payment of any amount or figure you name it from the comfort of your home across the continent within secs without having to file different paper works, consulting different partners for signatures and what have you.
This is what Deposit tokenization is bringing and PlatON is at the forefront of this.
While the event was ongoing, PlatON further went on to place a spotlight on its TOPOS MINT tokenized deposit issuance system,
This offers financial institutions a solution to deploy compliant deposit tokens independently. This aims to provide stable crypto assets meeting regulatory requirements for the digital economy. Additionally, PlatON showcased TOPOS RemiNet, an open remittance network leveraging blockchain technology to facilitate fast and cost-effective cross-border payments, significantly enhancing global financial inclusivity.
The keyword here as to do with regulatory requirements for the digital economy, while a new technology brings forth changes, this will not be possible if it doesn't meet the various regulatory complaint at each place, and happy to see there is no shortage of manpower going into this sector.
The event went on and I must say, the era of digitization is here and you simply don't want to miss out on it. Ensure you turn on notification on PlatON various social media to stay at the forefront of it all when it comes into play.
For the full article on this recap then check the link below
https://finance.yahoo.com/news/platon-unveils-state-art-web3-110600498.html