How to connect cryptocurrencies to banks...

[g8d6n5q9g1]

Six international banks have just signed letters of intent to issue stablecoins, or tokens backed by fiat currency, on World Wire, an IBM payment network that uses the Stellar public blockchain.

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[bitmedia]

When cryptocurrencies will be used by people, not by robots and soft, then it will become connected to banks

[Kakmakr]

You have already lost the race, before you even started. The Ripple guys have been sucking Bank dicks for some time now and they totally abandoned anonymity for that purpose and still failed. 

Mike Hearn, working for the R3 consortium of Banks are pushing for the same thing with Corda and he is already looking through his ankles to get this spot. <Swift replacement> 

[stmar]

You have already lost the race, before you even started. The Ripple guys have been sucking Bank dicks for some time now and they totally abandoned anonymity for that purpose and still failed. 
Mike Hearn, working for the R3 consortium of Banks are pushing for the same thing with Corda and he is already looking through his ankles to get this spot. <Swift replacement> 

No, this is different.
Usually, developers try to find a solution only for their coins.
And it looks like an attempt to find a common solution for most cryptocurrencies.
And the more options there are, the better for us. So let them try. 

[bomj]

Banks and cryptocurrencies

Today, some processing services are trying to use a limited number of cryptocurrencies
as a payment tool.
But the banking sector is not in a hurry to join the use of cryptocurrency.

Why it happens?

The fact is that for a bank to use cryptocurrency, in contrast to the processing service,
you need to take it to your balance. That is, the cryptocurrency should be on the balance
sheet of the bank as a deposit.

As we know, any banking transaction is signed and identified.
Since cryptocurrencies have the property of anonymity, therefore the bank cannot accept
cryptocurrency on its balance sheet.
And we see something like this:



How can this problem be solved?

Suppose that there is a way to sign transactions in a cryptocurrency:
1. The user sends the cryptocurrency to the address of the bank, signs the transaction
with his identification key, which the bank has given him.
2. The bank goes to certify this transaction and credits the cryptocurrency to the deposit
account of the client.

In this example, we see a variant of legal transfer of cryptocurrency to a bank deposit.
To implement such a solution, it is necessary to implement a single strategy for all
cryptocurrencies.
At the moment, in the network “Ethereum” in the form of “ERC” coins there are stable
coins that are already successfully used by processing services, as well as wrapped
tokens there are cryptocurrencies such as “BTC”, “BCH”.
Most likely in the near future we will see other cryptocurrencies in the form of ERC
wrapped tokens.
To solve this problem, we use the “ZENITH Protocol”, with the help of which it is possible
to sign transactions of any “ERC” coins.
 
And we get the following result:



Examples of transactions signed by our smart contract:
https://etherscan.io/tx/0xd51dc7bf84392fbf3416496e2232f228c596cd5c4297293c7382b1b33692ec2e  | DAI
https://etherscan.io/tx/0x6ca0a8fd92c9064abe91b6a7763f54b91cb8a3b114ada62460dc60ede3af5586  | USDC
https://etherscan.io/tx/0xea1d6de7e7c909d57a223b1a7f9c2274100c0e45ad57320ced873832c1772f2e | WBTC
https://etherscan.io/tx/0x8ed657dac3a6ba15c51d6f08631797a5a0ab9693c7e388bdcf788152378c64f6  | TUSD


«ZENITH Protocol»

Medium

Thanks

[hotimbineh]

You have already lost the race, before you even started. The Ripple guys have been sucking Bank dicks for some time now and they totally abandoned anonymity for that purpose and still failed. 
Mike Hearn, working for the R3 consortium of Banks are pushing for the same thing with Corda and he is already looking through his ankles to get this spot. <Swift replacement> 

No, this is different.
Usually, developers try to find a solution only for their coins.
And it looks like an attempt to find a common solution for most cryptocurrencies.
And the more options there are, the better for us. So let them try. 

every cryptocurrency developer has used several methods which of course can be linked to banks in every transaction, one of which is to make coins stable, and if synchronization between banks and cryptocurrency occurs and is efficient then of course it will be a reference and consideration for other banks throughout the country follow it

[jademaxsuy]

Honestly I don't understand why would you want to do that since the banking system is totally different from cryptocurrencies and they are not going to work well together. Banks are against that since they are constantly launching accusations and threats against bitcoin, and probably also cryptocurrencies users are against that since they moved from banks to cryptocurrencies.

However, cryptocurrency couls be integrated by these banks but it will create more transaction fees as bank do not accept crypto. So, instead of receiving crypto the banks will going to convert that one into fiat using their own crypto wallet to fiat wallet or an exchange. This may be costly and the service would not be necessary but therr are things that we just need to accept the service especially if it urgent and involves huge money.

I think banks will.be useful but not for storing crypto but instead for storing fiat money ready ro be processed and converted to crypto in their own exchange.