There’s no denying that our existing banking system has failed us several times in the past.
A bank failure occurs when a federal or state regulator closes an insolvent bank. National banks are closed by the comptroller of the currency, whereas state-chartered banks are closed by banking commissioners in their respective states. When banks are unable to pay their responsibilities to depositors and others, they must close.
Examples of Bank Failures
During the financial crisis of 2007-2008, Washington Mutual, with $307 billion in assets, became the largest bank collapse in US history. IndyMac, another significant bank failure, having been seized only a few months prior. Continental Illinois’ $40 billion failure in 1984 was the second-largest closure of all time.
On its website, the FDIC keeps an up-to-date list of bankrupt banks.
The Need to Have Asset-Backed System
Fiat money is a government-issued currency that is not backed by a commodity such as gold. An asset-backed system is a type of financial investment that is backed by an underlying pool of real-world assets like gold and silver.
OroPocket is an emerging global FinTech platform working towards providing technology and services to build a new ecosystem for more stable and secure payments.
We are leveraging Blockchain technology to catalyze our users’ safety advantage while managing the micropayments across the world.
Let’s discuss what is micropayment?
Micropayments are small transactions or payments mostly made online and typically cost less than a dollar—and in some situations, only a fraction of a cent.
At OroPocket, we are taking advantage of blockchain technology and decentralized finance to facilitate the digitization and exchange of real-world assets.
“OroPocket is changing the way micropayments are made across borders. Unlike traditional methods, payments with OroPocket can be made instantly, seamlessly and with negligible fees.”
The Industry Challenges
There’s a trend towards personalization in all industries, where clients want a product or service that is personalized to their individual requirements. They don’t accept paying for all kinds of services anymore.
Several companies’ existing pricing model is a subscription model, where you get a pre-defined package of features. Alternatively, a lot of digital firms offer free services. But they gain revenues via advertisement and selling user data.
The first model offers customers a single choice between paying a large fee or paying nothing. The latter restrains usability and comes at the expense of privacy and personal data control.
Indeed, today, we have digital currencies that work amazingly, giving power to the transaction in the hands of the users. Since the industry is still nascent, people are yet to learn about the technology; and those who know find it out of their reach owing to skyrocketing prices.
The idea with OroPocket was to introduce the audience to a potential new alternative that allows them to do micropayments using real-world assets in real-time. The challenge we faced was to build such a powerful ecosystem that truly serves the purpose.
OpenDeFi serves the purpose!
The technology behind OroPocket offers a truly unique system for users to pay at a more granular level. Since the advent of technology, people have found it much easier to make micropayments using real-world assets such as GOLD and SILVER.
Individuals had to use their Debit/Credit Cards or Application to make smaller payments, such as INR|2.5/-, they can now instantly pay such fraction amounts using their Gold and Silver balance with OroPocket.
Another problem that exists with micropayments is the Global Remittance part of it. When you’re willing to pay a developer who’s sitting abroad, it becomes increasingly difficult to make such payment because of the banking regulations and the conversion charges.
With OroPocket, we made it easy to make micropayments across borders using GOLD and SILVER. With OroPocket, you can instantly pay anyone across the globe, which they can easily convert in their native currency and get the money in their bank accounts.
|Total Amount Sent||INR|98,148.34||INR|99,250|
|Should Arrive||4 Days||Immediately|
The purpose of OroPocket with the micropayments is to provide people with improved and 100% asset-backed banking that requires no hidden charges and time-consuming processes. We’re so happy that now people are using their Gold and Silver balance for micropayments which are as low as INR|1.
With the help of OroPocket, people are able to get digital in an entirely new way. We have facilitated the way people have been transacting all these years.
Micropayments with OroPocket comes with several advantages:
- Small payments are made instantly
- Smoothest way of executing the payment in real-time
- Transaction volume increased enormously
OpenDefi provides 100% asset-backed banking without the insidious, hidden charges and time-consuming tedium that come with traditional banks. Through their Fiat on-ramp OroPocket, users can invest in multiple asset classes, grow their wealth, enjoy 100% liquidity—all on Blockchain, with a simple app.