The new blockchain-based payment system aims to create an infrastructure that is digitalizing banking services like never before – bringing together banks, regulators and consumers.
Cryptoenter says the goal is to blur the boundaries between fiat currencies and cryptocurrencies. The platform will offer services inspired by DeFi while offering the levels of reliability that traditional banks are known for.
The ecosystem has been under development for the past two and a half years. It was built by Smart Block Laboratory, who became IBM’s business partner in 2017. A year later, the company was recognized as a silver member of the Linux Foundation, and Hyperledger also accepted it as a public member.
Cryptoenter is the world’s first Hyperledger Fabric-based interbank payment service.
It is currently in beta testing and hopes that the platform will open a “new level of interaction between users and banks, and between users directly”. All market participants will also have access to new financial tools that effectively make it easier for consumers and companies to quickly launch their own digital currencies if they choose to, or to participate in their efforts.
Dive into the ecosystem
The Cryptoenter Payment Service seeks to distinguish itself favorably from interbank settlements via SWIFT and SEPA, as well as from itemized payments via Visa, Mastercard, and American Express. It will also offer e-payment-like services like PayPal and Amazon Pay, not to mention mobile money transfer services like M-Pesa.
Overall, Cryptoenter is designed as a “complete cross-border payment platform for banks and end users” that provides features that are “currently in great demand” in the global financial markets.
In January 2020, Smart Block Laboratory was awarded $ 120,000 in free IBM Cloud credit so it can continue to launch Cryptoenter quickly.
More than a cryptent
At the time, CEO Pavel Lvov said: “With IBM, these free loans will help launch the Cryptoenter blockchain platform for digital banking and make it available to users, as well as decentralize the relationship between consumers and banks around the world. Hyperledger Fabric Technology and IBM Cloud provide Powerful has unique advantages to transforming financial markets with high efficiency, high transaction speed and low costs.Cryptocurrencies are transforming the banking sector in the same way that the invention of the two-way phone changed the world in the age of radio.
Through the Cryptoenter blockchain infrastructure, users can access an investor social network as well as a decentralized crowdfunding platform. Day-to-day consumers can interact with each other directly on the peer-to-peer network, while making international payments fast and cost-effective. Stores can also update how they receive retail payments.
The ecosystem will also provide cryptocurrency lending and enable the issuance of stablecoins to increase liquidity – all while providing the core technology for creating a virtual cryptocurrency bank.
Looking to the future, Cryptoenter says it is now completing its integration with the IBM Marketplace – it is hoped that this provides a sales channel for the decentralization of banking services worldwide. The employees of the technology giant will be informed about the establishment of the Smart Block laboratory at the upcoming symposium.
The blockchain company’s digital banking infrastructure was scheduled to launch in October 2020, and the Cryptoenter Exchange would start in November or December. Payment agents will be delivered in January 2021, and in the first quarter of 2021, the project plans to expand its operations in Japan, the USA and Africa.
The platform has been launched and has already attracted 15,000 registered users. To drive the global expansion of Cryptoenter, Smart Block Laboratory plans to launch an open token sale in November 2020.
Cryptoenter financial products are slated to launch in the summer of 2021 to enable users to access cryptocurrency-backed loans.