NetCents, a transactional hub for cryptocurrency payments, has announced the launch of its Crypto Banking Stack (CBS), which are the rails that facilitate cryptocurrency accounts, transactions, and functionality into existing platforms for banks, financial institutions, and money service businesses.
The company’s Crypto Banking Stack will enable financial institutions to use their existing hardware and software to offer their clients access to a fully integrated cryptocurrency processing and transaction solution.
The implementation will require only minor modifications to their legacy systems eliminating the need to develop and maintain their own in-house proprietary cryptocurrency processing technology. This allows for a low-cost crypto ready processing solution to be quickly implemented without the requirement for an extended and costly development cycle.
Once integrated through the CBS API, financial institutions will be able to offer their customers crypto banking services accessible via their current online bank profile.
The crypto bank accounts will have the same functionality as standard chequing and savings accounts. This includes the ability to add various crypto accounts/wallets, transfer, deposit, withdraw, make a payment, view transactions; and the ability to link their crypto bank account to their existing debit cards.
The Crypto Banking Stack will have the ability to provide account holders with the ability to convert and move balances between their crypto and fiat bank accounts. The cryptocurrencies which will be initially supported through the CBS are Bitcoin, Ether, Bitcoin Cash, and Litecoin.