Everyone would agree that the world is rapidly changing, particularly when it comes to digital payments. It is becoming increasingly likely that nearly all countries in the world are eventually going to transition into a fully digitized version of themselves which includes digital payment systems as well. These cashless societies are not probable, but inevitable. As such, platforms need to introduce new digitized cash payments systems which can keep up with this shift to Web 3.0.
What should platforms strive for?
As the world continues to evolve, platforms would most likely need to become all-encompassing so as to cover all of their bases and provide a wide range of innovative services and features which would also be deemed relevant in this day and age.
In other words, viable platforms would have to do all they can to help facilitate transactions and offer protection of digital assets such as NFTs and cryptocurrencies in addition to also making the entire process seamless, easy and highly accessible. The aforementioned cash payments system concept would thus be among these features.
Keeping that in mind, platforms such as Wallex would enable the future of real and virtual assets through an effective amalgamation of blockchain technology, digitalization and traditional finance while creating a memorable experience which benefits all parties involved. The ultimate goal would hence be to help the everyday individual easily enter the Web 3.0 era, which many have since argued we have already started entering.
What about security?
One of the more unfortunate aspects about the crypto industry is that of hacks, which have since culminated in hundreds of millions of dollars being stolen from investors, protocols and exchanges. As the industry is largely unregulated, malevolent entities know that they can most likely get away with stealing crypto assets which usually results in investors losing faith in the sector and seldom dare to enter it again.
Any viable platform would realize the importance of having good security measures put in place. Apart from general measures such as asset protection, platforms should also ensure that they only work alongside registered, regulated and verified organizations and comply with AML and KYC policies. Moreover, with the crypto, NFT, metaverse and blockchain space becoming increasingly mainstream, security measures need to be air tight if there is to be any hope of long-term survival not just for this sector, but the Web 3.0 era itself.
A new payments system for a new era
Usually, users obtain all of the benefits of a bank, money transfer, and cryptocurrency exchange by utilizing asset-backed stablecoins, allowing for quicker, cheaper, and borderless transactions with no risk. The ‘Tokash’ tokenized cash payments system, provided by Wallex, is an example of a new interface between physical and virtual assets and an alternative solution for money remittance purposes.
As to why this matters, the world will soon enter a new era where everything is digitalized. In this new era, people from all walks of life shall require an efficient payments system which can provide them with all the benefits of traditional finance but in a virtual setting. Essentially, users will need to be able to accept payments, send, spend via their cards, redeem and even stake their physical and digital assets in a secure, fast, unique and effective manner, all of which are features that Tokash seems to offer.
Could it really be worth it?
Of course, there are all kinds of new and exciting projects being launched seemingly every other day in this industry, so it can often be daunting and overwhelming to pick and choose the right initiatives. Wallex, like many others, aims to be the platform of the future, which means that customers need to be given the best services and features which can help make their transition into Web 3.0 easier and more profitable. Up to now, users need to register in one platform for management of fiat funds, a different one for exchange, a third one for custody. Wallex’s unique selling point is that they offer it all in one – users and businesses can access the full range of asset management services and products, in one.
As such, a big reason as to why digitized cash payments systems are necessary is because volatility is one of the biggest risks associated with the crypto sector. Stablecoins would normally safeguard clients’ wealth from market volatility and make transfers to people or businesses both simpler and easier, which is exactly what platforms like Wallex should be aiming for going forward. Ultimately though, the crypto industry has had its ups and downs throughout its history, with the latter being more pervasive lately. Still, there could be a light at the end of the tunnel as new initiatives designed to assist in ushering in the Web 3.0 era are being worked upon every day.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.