Budding Web3 Banking Platform to Bridge the Gap Between TradFi and DeFi

Web3, the era that alludes to the future of the internet, continues to emerge with cutting-edge innovations and upgrades. That said, the DeFi industry, blockchain, and cryptocurrency keep on gaining traction from the public.

However, despite the ongoing hype, there are still some people skeptical about hopping on the web3 bandwagon due to its supposed ‘complexities’. That said, several platforms have surfaced to address this issue–one of them is Finvault.

Finvault is a web3 banking platform that provides businesses and individuals full control of their money and digital assets under one secure vault. It aims to bridge the gap between traditional banking and DeFi, paving the way for Banking 3.0.

Additionally, Finvault is currently in its testing phase and was launched in the Polygon testnet. It’s currently preparing for a ‘good launch’ by June 1.

As the official media partner of the World Blockchain Summit, CoinQuora landed an exclusive interview with Finvault Founder and Chief Technology Officer Christian ‘Chris’ Papathanasiou. In a nutshell, the founder dove deeper into the premise and essence of the web3 banking platform.

Getting started, Chris highlighted the reason why Finvault stands where it is now. According to him, “we created Finvault to address a very, very simple problem that everybody has, you know, it’s very, very hard to use DeFi platforms currently.” He even described it as ‘incredibly hard and sophisticated.’

Even with that in mind, the FinVault CTO believes in the tremendous advantages brought by web3 and its role as the ‘future of finances of the future web’. Chris then explains the whole premise of Finvault: “how can we make [these benefits] accessible to many?”

Finvault seeks to take the benefits of web3 and deliver them to a web2 world. Headquartered in Dubai, the platform has a crypto exchange license in Estonia. Currently, they are also working on receiving licenses in Lithuania and Poland soon. 

With all that together, Finvault is poised to offer a regulated environment where people can visit, deposit their fiat, gain access to web3 protocols, and get higher yields on their investments.

Concluding the interview, Chris shared that Finvault is building what is referred to as ‘one-click DeFi’. Users can sign up with their Google accounts, get access, and start connecting their bank accounts, now they’re all set.

Before working for Finvault, Chris has worked with big names like Careem, Dark Matter, and Citibank as part of its cybersecurity team.