EMO Bank: Banking Without Banks

In the current economic setup around the globe, banks act as the ultimate solution to finance-related services for the masses. Be it loans, insurance, bonds, credit cards, stocks, futures & options or normal accounts, all the financial instruments used by you are catered by banks. Therefore, imagining the financial industry without the presence of banks was not possible. 

But, this notion is set to revamp with the concept of DeFi! 

Well, for most of you the term DeFi would be alien and sort of hard to fathom, right? 

Do not worry, as this article would leave you not only enlightened but you will get to know about Emobank, formulated on DeFi concept is all set to surface the market. 

Decoding DeFi:

To begin with, DeFi or decentralized finance, at its core is related to the popular blockchain technology wherein immutable computer networks verify various transactions without any intervention of human beings. One of the platforms based on DeFi concept is Ethereum that has brought complete transformation with the launch of smart contracts. The smart contracts provide codes to carry out actions stored on the blockchain public ledger without the intervention of humans. 

The idea of DeFi is to avail of financial products on the public decentralised network so that it can be used by anyone and owned by none. It would directly eliminate the need for facilitators such as banks or even brokerage account.

In layman’s language, decentralised finance (DeFi) refers to an ecosystem wherein the software encoded on blockchain let the buyers, lenders or sellers interact with one another without the need to bank or any other middle man. 

Now, in order to bring the concept into reality, Emocoin has come forward with its component called EMOB Bank! 

EMO Bank: Banking Without Banks: 

EMO Bank, being one of the components of the emo.network is conceptualised on the basis of DeFi technology. The prime aim to launch this component is to mend the gap between those of you who have easy access to financial instruments and those of you who do not have them. The creation of EMO Bank and Emocoin for that matter will help people to access loans, stakes, investing, etc very smoothly. 

One of the key features of EMO Bank is the fact that it can be used by anyone and everyone from students, SME’s, companies to entrepreneurs. The founders of Emocoin wish to bring a change in the banking system and make it decentralized. The idea is to go beyond borders and make loans and other financial instruments accessible to all, enable secure as well as fast payments and give people the freedom to buy stakes in Emocoin. 

Therefore, in a nutshell, EMO Bank will enable staking and lending (loans related to business, personal needs, medical, car, development, student or independent projects). All these services would come with no counterparty risk, no need for capital reserves, smooth management of collateral. You as a user will experience full transparency, easiness and fastness while carrying out various financial activities. 

So, without-much-ado immediately register on emo.digital and become a smart consumer. 

Article source: https://article-realm.com/article/Finance/15665-EMO-Bank-Banking-Without-Banks.html