//Formosa Financial to Revolutionize Banking in Blockchain

Formosa Financial to Revolutionize Banking in Blockchain

Even with the influx of capital, there are very few banks willing to provide services to businesses dealing in crypto. With each country currently evaluating the relevance (and risk) of digital assets to its legal and economic systems, the fragmented regulatory landscape enveloping digital asset markets is unlikely to subside any time soon. Instead, innovators in the space will be forced to continue navigating ambiguous legal regulations within their home countries and globally as necessary.​https://ift.tt/2JiA7I4 a starting point for Phase 1 and subject to applicable laws and regulations, Formosa Financial intends to offer a highly-secure custodial service that provides easy access to funds while maintaining operationally sound methods for transactions between internal (hot and cold) and external (exchange) wallets.Formosa Financial’s treasury management service strives to facilitate integrations to over 95 exchanges to quickly and efficiently find the best venue for buying or selling any asset. To mitigate the glacial pace of cash withdrawals by international wire, Formosa Financial will be able to forward cash into customer accounts for immediate access.In Phase 1, customers may opt to have their funds withdrawn from the bank by receiving a digital version of their fiat money issued on a blockchain so that it can be sent globally without the interference of third-party intermediaries. To navigate the reality that many other businesses will not be willing to accept a digital fiat asset, Phase 2 will see Formosa Financial set up correspondent banking relationships to process inbound and outbound international payments in supported currencies

Even with the influx of capital, there are very few banks willing to provide services to businesses dealing in crypto. With each country currently evaluating the relevance (and risk) of digital assets to its legal and economic systems, the fragmented regulatory landscape enveloping digital asset markets is unlikely to subside any time soon. Instead, innovators in the space will be forced to continue navigating ambiguous legal regulations within their home countries and globally as necessary.

https://i.redd.it/tvf5nk5w7iu11.jpg

As a starting point for Phase 1 and subject to applicable laws and regulations, Formosa Financial intends to offer a highly-secure custodial service that provides easy access to funds while maintaining operationally sound methods for transactions between internal (hot and cold) and external (exchange) wallets.

Formosa Financial’s treasury management service strives to facilitate integrations to over 95 exchanges to quickly and efficiently find the best venue for buying or selling any asset. To mitigate the glacial pace of cash withdrawals by international wire, Formosa Financial will be able to forward cash into customer accounts for immediate access.

In Phase 1, customers may opt to have their funds withdrawn from the bank by receiving a digital version of their fiat money issued on a blockchain so that it can be sent globally without the interference of third-party intermediaries. To navigate the reality that many other businesses will not be willing to accept a digital fiat asset, Phase 2 will see Formosa Financial set up correspondent banking relationships to process inbound and outbound international payments in supported currencies