Cryptocurrency Neobank: For the first time of its kind, Mantle, the layer 2 network of Ethereum, launched on Wednesday the first cryptocurrency neobank. Known as UR, this neobank, backed by Mantle, operates entirely on blockchain.
A cryptocurrency neobank combines the services of a traditional neobank with the advantages both on-chain and off-chain of cryptocurrencies and decentralized finance (DeFi). In practice, it allows users to have a unified account of fiat and cryptocurrencies where they can store, send, and receive fiat currencies along with crypto assets. For this reason, Mantle considers its neobank UR to be a significant step in connecting DeFi and TradeFi.
While there are several neobanks and banking apps compatible with cryptocurrencies today, fully on-chain "neobanks" are still emerging. Mantle's UR, pronounced "You Are", presents itself as a strong pioneer in the industry.
Follow me for more analysis and news, give a 👍 and share, that would help me a lot to keep growing.