2. What problems do we see in the current financial markets

2.1 Several accounts are necessary

To be able to use all aspects of the crypto world, it is currently necessary to have different accounts for different platforms. As with different financial products (checking accounts, credit cards, car financing, mortgages/loans, brokerage accounts, etc.), one often needs different institutions. This requires registering separately with each platform and going through the know-your-customer (KYC) verification process each time.

2.2 Issues with fiat on-off ramping (euro or US dollar deposits and withdrawals)

Banks sometimes terminate accounts because payments are going to or coming from crypto exchanges. Banks are often not ready to work with new products and, in some cases, do not understand how the new financial products are regulated. This could result in the bank not executing a transaction or issuing a refund.

2.3 Large gap between traditional and new financial products

Currently, we do not see any communication between the different asset classes such as equities, real estate, and crypto. Closing this gap is technically feasible but not (yet) desired. The three asset classes mentioned have no exchange between them whatsoever and are strictly separated.

2.4 Cumbersome backup of own crypto assets It is a lengthy and cumbersome process to secure one’s cryptocurrencies in a hardware wallet (digital wallet).

Sometimes the wrong application or lack of knowledge cause some cryptos to get lost in the cryptoverse when sent to the wrong blockchain.

2.5 Complicated access for newcomers

According to estimates, only 3% of the population worldwide is in the crypto world. The user interface is still too complex for many newbies. In some cases, there are so many offers that newcomers cannot decide which platform offer is best suited to their needs.

2.6 Not all blockchains are supported

There are numerous blockchains on the market, but almost no exchange supports all blockchains. This means that sometimes laborious token transfers between exchanges are necessary to ultimately find a matching blockchain to use the token, for example, in a crypto app or game.

2.7 Children and young people are excluded

At banks, there are several ways to invest or save for children and young people. In the crypto market, parents are not even given the opportunity to invest for their children.

2.8 Multiple apps are needed to see total net worth

With multiple custody accounts, bank accounts and brokerage accounts, you never have your entire net worth at a glance. Countless apps are necessary that must be manually accessed individually and then added up to obtain an overview.

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