41–49 of 49 posts
This is a great example of one of the many many real-world uses of cryptocurrency that has (likely) been made illegal by regulators.
How do you connect your bank? Are you using a 3rd party like Plaid or Trustly?
I don't understand quite how slow the American banking system is. In the UK we have had immediate money transfers between institutions for a long time now. Why hasn't the US ACH system provided a near real-time transfer service, and the rules put in place to adopt it? There is Zelles, but from what I understand, not everyone has adopted it plus it's a 3rd party so it would reduce visibility of dirty money transfers f…
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But Binance just stopped all USD withdrwals. Circle is the only other issuer and requires you being licensed in every state as an MSB, plus compliance. And the fact that there is nothing to it tecnologically speaking. The whole moat is in having regulatory approval.
I don't believe they stopped USDC withdrawals, just actual USD
This is a great example of one of the many many real-world uses of cryptocurrency that has (likely) been made illegal by regulators.
Europe has had instant, free bank transfers for years without any crypto in the underlying tech. The same regulators taking away crypto are perpetuating the horror show that is US retail banking in other ways.
Cryptocurrency is better than those systems by almost all metrics.
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Can you explain how it works? Let's say I'm in Germany and want to send money to US, doing it instantly is not possible with current Swift But I could see how Fortress would have accounts in both Germany and US and then have a ledger that keeps track of it, money coming in in Germany, send money out in US, something like that? Underlying tech then blockchain? Is it visible?
Why would they use blockchain for an internal DB?
Also, why not have a public db for what you can, does it all have to be internal?
Looks awesome and I've already shown it to a few folks. I'd avoid the "military grade" encryption marketing part though. For a lot of people, "military grade" means lowest bidder.
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Thanks! Fortress can also slot into legacy infrastructure. Finality guarantee is also actually stronger with a stablecoin payment (cryptographically irreversible) vs a wire (99.9% irreversible, absent a bank mistake or court order).
Which stablecoin are you using and any particular reasons for choosing it?