The world’s banking system has been facing multiple issues over the past few years without showing any signs of improvement. As a result, a growing number of individuals, including foreigners and immigrants, have trouble opening accounts, making transactions, and receiving payments.
The problem: the crypto bear market and the decline of crypto payment gateway usage
Cryptocurrencies rushed onto the global scene to solve the banking system’s incompatibility. But their volatile nature and consistent bear market created a new problem. When the general crypto market is under bearish influence, fewer people want to spend their crypto assets. Therefore, the total number of transactions processed using crypto payment gateways has been growing.
Thus, online merchants and e-commerce retailers will begin to rely on crypto payment gateways. From 2019 to 2022, many real-world issues were geo-political in nature, indicating that the banking system and traditional economy are under threat. For example, when Russia waged a full-blown war in Ukraine, millions of people lost their life savings and their livelihoods.
Not all of the people in the world have access to international bank accounts. But even then, withdrawing money from such financial institutions takes a lot of time and requires many verifications. Simply put, there has never been a time when a digital alternative to the traditional banking facility was required.
The solution: crypto-backed frictionless payment gateway
Not everyone was lucky enough to preserve their assets in European banks after fleeing their country. The Russians’ continuous attacks are an ongoing threat to Ukraine’s economic infrastructure that continues to destabilize the Ukrainian economy. In this regard, bank accounts are no longer considered to be safe, which is why a wave of crypto-backed payment solutions is gaining support in the war-torn Ukraine.
Crypto providers and payment gateways facilitate seamless cross-border payments. A service like that can be the go-to option for not only people affected by the crypto bear market but also online platforms active in the e-commerce sector.
1TN: crypto processing platform lifting the limits on traditional payment systems
1TN will become a key player in simplifying crypto payments for people and businesses. It addresses the aforementioned challenges through cryptographic payment processor technology.
The company has been growing to become the most safe and reliable cryptocurrency platform due to innovative and secure solutions. As a result, the payment landscape across the crypto-world can be extended, making cross border transactions quicker, safer and more convenient.
Denys Ustymenko, CEO and co-founder of 1TNcompany, has gained extensive knowledge and experience in the IT and FinTech industries, which will allow him to bring his expertise to 1TN.
“We are striving to make our products easy and simple for both clients and receivers. Cryptocurrency is a great tool for several years or decades to come. Crypto payment providers are giving better credible decisions for accepting, storing your assets. “With the development of services such as 1TNcrypto with the emergence of companies’ KYC, advent of regulation in different countries, cryptocurrency is about to become more transparent than the banking system.” – comments Denys Ustymenko
Our services may be utilized directly by e-commerce or as a white-label offering to their client’s thanks to a simple integration that makes them available.
While the old transaction system is facing issues, platforms like 1TN can lead the way with their solution-oriented services.