6 minutes reading time (1146 words)

Galobank: Bridging the Gap Between Fiat and Crypto

Sunday, 07 May 2023

In the world of cryptocurrency, innovation is key.

As new blockchains emerge, they bring with them the promise of faster transactions and greater decentralization, but what about the practical aspects of using cryptocurrency in everyday life? How do we make it easy for people to move between crypto and FIAT currency? How do we ease the access to Defi for newcomers? This is where Galobank comes in, challenging the future of financial sector.

Galobank is a new project who aims to set a fintech bank with its own EVM blockchain. This unique blockchain, based in Polygon Edge, is fully compatible with Ethereum Virtual Machine (EVM) and uses the GALO token as its native currency. This allows users to use popular wallets like Metamask, Trust Wallet,… to interact with protocols on the GALO blockchain.

The blockchain is currently in the testnet phase, but the team behind Galobank is working hard to integrate it with the traditional banking structure. This will make it easier for users to access and use cryptocurrency in their daily lives.

With Galobank, you won't have to go through the hassle of converting USD to crypto, sending it to an exchange, trading it for another currency, bridging it and then investing in a protocol. Everything will be accessible through the Galobank app.

Cryptocurrencies and blockchain technology have revolutionized the financial industry, but there is still a gap between FIAT and crypto. Many individuals find it challenging to access crypto and interact with decentralized finance (DeFi) protocols. Galobank aims to bridge this gap by offering an all-in-one platform that integrates a traditional banking structure with its own EVM blockchain to make its financial services more accessible and cost effective.

This project can become one of the biggest successes of this year. Why? Lets analyze it deeply.

Crypto space needs it's own bank

If we want crypto, or Defi, to become a daily use system for a big percentage of the people, we must have the tools available for everybody to live from it and with it, on an easy way.

Right now we have some options that let us pay our daily expenses using crypto, mainly by credit cards, but what about making a transfer?, things get more complicated here. You would have to change from crypto to FIAT, with all the inconveniences traditional banking sets for us, send the FIAT to our account and then make the payment.

Galobank will let us do this process from within their app fast, easily and with a low cost. This may look like something simple, but it will mean a great deal for the crypto adoption, as it will mean you can pay your daily expenses using crypto.

Let's talk about Defi, when I speak to my friends about the yields or opportunities that exist in Defi, they don't believe me, loans that get paid alone, farming yields that duplicate what you can get in traditional finance, etc. But it is actually really difficult for newbies to access these opportunities.

Imagine we want to invest in a protocol from Fantom Chain, one of the big ones. First we should buy crypto, say we buy some BTC with our credit card, we should open an account in an exchange, send our BTC to the wallet, then change them into FTM. Once we have them we transfer them to our Metamask wallet in the Fantom Chain, then we should go to a DEX, say SpookySwap, trade them for the chosen token, visit the protocol and invest them.

With a bank that is designed for Defi, we can just exchange our FIAT for the chosen Token and invest directly in the protocol. We have simplified a process greatly and making things simple is what attracts new users.

As Galo project claims in their webpage, they are to be the bank built by crypto and for crypto.

Galobank's traditional banking services

Of course, they will also offer t banking services we are used to, which are really interesting too. First of all, they state that you can have your own and segregated IBAN/ABA accounts. This is KEY, because it means that your funds will be located in your own account, far away from The Bank Balance, being only a mere custodian of them, so this will avoid liquidity problems that we have seen forcing many banks into bankruptcy (just keep in mind what happend with regional banks in USA)

You will be able to store your FIAT into up to 18 different currencies, users will be able to change funds in between these 18 fiat currencies, send and receive transfers, and view their financial movements and positions.

Also, they will offer a credit card very similar to other ones that exist already, with a tier system that will bring you different percentages of cashbacks in GALO, depending on which one you choose.

As you can see, all this configures a banking system that will allow everybody to work in the traditional financial system perfectly.

Galobank's Crypto Services

Galobank's app will allow users to hold up to 260 different crypto and tokens, trade, stake, send, and receive.

This all-in-one platform is a game-changer for individuals who want to access both fiat and crypto services without having to use multiple platforms.

Trade directly from your FIAT funds and buy the crypto you choose and then change it back to another of the currencies you use in the traditional finance is one of the biggest dreams the people who are in crypto have, because it means you can live out of your crypto. Galobank offers independence and freedom.

Galobank's ICO

Galobank's ICO presents a promising investment opportunity for those interested in the leveraging the power of both fiat and crypto services. The project has a well-detailed roadmap that outlines its development plans and milestones, giving potential investors a clear idea of what to expect from the project.

Investors will be able to participate in the ICO by investing in the $GALO token, which can be purchased using both cryptocurrencies and credit card payments. This provides a convenient and accessible way for investors to get involved in the project.

The Galobank team is composed of experienced professionals with a strong background in both technology and traditional finance making them well-suited to tackling the challenges that arise from the intersection of these two worlds.

The project's website provides detailed information about the tokenomics, which outlines how the $GALO token will function within the Galobank ecosystem. This information is essential for potential investors to make informed decisions.

From my point of view, this is one of the best projects I have read about in the last years and I hope it becomes a great investment opportunity for all of us. Lets follow it up at galobank.finance.