Evolution of the Banking Sector in the 21st Century
The beginning of the 21st century saw significant technological advancements, the removal of geographical barriers, and accelerated information transmission.
In 2000, to conduct any monetary transfer, one had to visit a bank, fill out required documents correctly, send cash, and wait several days for the transfer to be delivered.
Now, transaction speed is measured in seconds: with just 2 clicks, you can send any amount to any place worldwide via an application.
Over 23 years, the entire financial sector has grown substantially. Presently, the market capitalization of banking products totals $5.4 trillion. For comparison, it was valued at $300 billion in 2000.
The next phase in banking evolution involves creating digital currencies and products based on modern technologies like blockchain. More than 110 countries, accounting for 95% of the global GDP, are at different stages of Central Bank Digital Currency (CBDC) implementation: 37 countries have already integrated them, while others are initiating pilot projects.
420 million people worldwide use cryptocurrencies for financial transactions. At TOKEN2049 in Singapore, TON introduced a concept for a new cryptocurrency wallet based on the Open Network for its over 800 million active users. The wallet, named TON Space, will soon be accessible through Telegram settings.
Thus, we witness two concurrently evolving financial systems: the traditional and the crypto, each with its pros and cons, possibilities, and limitations. We observe that familiar algorithms and financial operations significantly simplify each year: requiring fewer resources, approvals, people, and time. Processes that previously took days and weeks now take seconds.
«Clearly, combining the tools and possibilities of the traditional banking system, blockchain, and DeFi, will yield a product that bridges these worlds, offering financial benefits to both classical finance, acting as a catalyst for their development, and the DeFi market, attracting numerous new clients and liquidity, and granting people worldwide access to financial products.
The commercial potential of such a product is immense. This is precisely what we are implementing through the RWA Bank!», shared the CEO of DigiU, Alexey Ognev.
For more details, Alexey Ognev and Alexander I shared insights in a webinar. Make sure to watch and share it with your friends and family!
Within the first funding stage until 10.12.2023, 23:59 (UTC), you can become a co-owner of the RWA projects.
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