易奕易

Web3 banks leverage blockchain technology to break the service boundaries of traditional banks, opening up a new paradigm of financial services. Taking Fiat24 as an example, it structures its banking logic on the public blockchain Arbitrum and operates through smart contracts, allowing not only for conventional services like deposits, withdrawals, savings, and transfers but also enabling crypto payment consumption. By using NFTs to identify users, it abandons the traditional account password model while enhancing security. Web3 banks significantly improve the efficiency of financial services. With the atomic swap properties of blockchain, it eliminates the need for internal reconciliation processes in banks, reducing operational costs. At the same time, it breaks geographical limitations, allowing global users to enjoy convenient financial services. However, Web3 banks also face numerous challenges. On one hand, the Web3 space is frequently plagued by security incidents, such as private key leaks and smart contract vulnerabilities, threatening the safety of user assets; on the other hand, regulatory policies are still not mature, and compliance issues urgently need to be addressed. #Vaulta