Keabank, a Cyprus-based neobank, has integrated US dollar payment processing into its global infrastructure as part of its efforts to blend traditional currencies with blockchain solutions.
Announced at IFX EXPO Cyprus 2024, Keabank revealed that by incorporating USD payment processing into its services, businesses and individuals will be able to manage both fiat and crypto transactions on one unified platform.
KeyBank also announced the development of the world’s first synthetic blockchain neobank at the event. He explained that the concept aims to rethink the way financial institutions operate by incorporating blockchain at the core of banking services.
Mark Berkovich, CEO of KeyBank
“Synthetic blockchain neobanks are not just an update to the traditional banking model, they are a complete transformation,” explains Mark Berkovich, CEO of KeyBank. “By leveraging blockchain, we can achieve unprecedented levels of transparency, security, and efficiency, disrupting the current banking system and paving the way to the future of finance.”
Synthetic blockchain neobanks utilize smart contracts to ensure transparency and accurate management of funds. It also aims to strengthen security processes by storing important compliance data on the blockchain. The concept also maintains transparency with real-time blockchain-based reserves tracking.
While still in the planning stages, the initiative is expected to take two to three years to fully develop, with KeyBank building the foundational technology to support a fully blockchain-powered bank of the future. I am.
Meanwhile, in line with its broader strategy to make financial services more accessible, Keabank also announced plans to launch a mobile app to enable users to manage their finances directly from their devices. The app, which is currently in development, wants to make it easy and convenient for customers to handle their financial activities.
With the introduction of USD payment processing, development of a synthetic blockchain neobank, and upcoming mobile app, Keabank continues to set the pace of innovation in both traditional and blockchain-driven financial services.
