Cryptocurrencies and traditional banks: an expert on the interaction that paves the way for the transformation of the financial market

Cryptocurrency is not just money, it is a digital revolution. Western banks are interacting with cryptocurrencies, and this interaction opens the way to the transformation of the financial market. This opinion was expressed in a commentary to UNN by Olena Sosiedka, co-founder of Ukraine's first fintech ecosystem Concord Fintech Solutions.

Cryptocurrency is not just money, it is a digital revolution. By using cryptography for security, it makes financial transactions almost impossible to counterfeit. It differs from traditional currencies in its decentralization: it is not controlled by central banks or governments

She believes that in a world where cryptocurrencies and traditional banks are often perceived as competitors, there are unique opportunities for cooperation.

"Some banks in the West are actively interacting with cryptocurrencies, converting funds from cryptocurrency wallets to fiat accounts. International payment systems such as Visa and MasterCard are also looking in this direction, pioneering innovations that allow customers to easily convert cryptocurrency into fiat money in countries where it is allowed," Sosedka said.

According to the co-founder of the fintech ecosystem Concord Fintech Solutions, blockchain is a revolutionary tool for banks, improving the efficiency, speed, and transparency of their operations.

"The use of cryptocurrencies gives banks a new level of stability and trust, opening up new horizons in the financial world," Sosedka said.

In particular, the expert points to Ripple (XRP) as a vivid example of the effective integration of cryptocurrencies into the banking sector.

Ripple (XRP) is a digital payment network and protocol used for payments, asset exchange, and money transfer. In particular, one of the largest banks in Australia, National Australia Bank (NAB), together with the Canadian Imperial Bank of Commerce (CIBC), uses Ripple technology to make international payments.

"With RippleNet serving more than 300 financial institutions, Ripple is paving the way for fast, reliable and cost-effective interbank transactions in more than 50 currencies. Today, more than 50 leading financial institutions are already using Ripple, increasing the efficiency of their operations and providing better service to their clients," explained Olena Sosiedka.

According to her, we are on the verge of global changes in the financial sector.

"Today, we are on the threshold of a new era where cryptocurrencies and blockchain are closely intertwined with traditional financial systems. This synergy opens the door to the global development of financial services, offering the creation of more flexible, secure and efficient finance.

This synergy opens the door to the global development of financial services, offering more flexible, secure and efficient financial solutions. The combination of traditional financial systems with cryptocurrencies and blockchain technologies promises to transform the financial world, opening up new avenues for innovation and efficiency," says Olena Sosiedka.