Ever since the organized society began to exist, the fiscal and monetary systems have been finding themselves in a tight grip of the central bank’s oversight. Being a backbone of the modern financial structure, this institution traditionally assumed a function of money supply control, maintenance of a low inflation figure and promotion of GDP growth. For a long time, this organization seemed to bring prolific results – up until 2008’s financial crisis shook up the world’s confidence in the reliability and shock-resistance of the current financial arrangement. As an antidote to the inefficiencies filling in the financial system inside out, blockchain technology emerged as an active response to the complexity, over-centralization of power and the lack of independent voice, the earmarks financial world has always been abundant of.
As soon as loads of players sensed a strong opportunity in the accelerating trend, they rushed to re-qualify and jumped headlong in the world of DeFi. This prompt decision, however, was going hand-in-hand with numerous drawbacks – not least the inability to provide the full spectrum of services the bank would be capable of, while simultaneously maintaining the equal hallmark of stability and confidence granted by institutional services. These principles, however, found realization through EQIFi - a global DeFi alternative to traditional banking, which purports to bring integrity and bridge the difference between the two up-to-now disintegrated domains of crypto and traditional finance. Recently, EQIFI came up with its own vision of NFT cards, the fruit of a partnership between Polka City and EQIBank. By default, this makes all POLC holders entitled to the full spectrum of banking services provided by EQIBank, including the ability to set up a free bank account; on top of that, the NFT cards will be used to gain the real-life rewards, which constitutes an essence of the new Polkacity game. All in all, through equipping DeFi with the best qualities of CeFi, EQUIFI seems to be entering the new innovation paradigm - just at the time when the concepts of augmented reality and play-to-earn games are gaining traction.
To learn more about the forthcoming wave of change, I arranged to have a conversation with the Chief Business Development Officer of EQIFi, Eli Taranto. Together, we looked deeper into EQIFi NFT Card proposition, as well as tried to predict what the industry’s future is going to look like.
First of all, what are the advantages of running a regulated & licensed bank, the like of which EQIBank is? And how does the EQIFi approach differ from other platforms in the space?
EQIBank itself is very much a centralized, regulated, global financial institution that understands the needs of today’s emerging digital asset economy. Our clients applaud our pioneering approach to the solutions of tomorrow, delivering world-class products for the digital age.
Our OTC desk offers seamless crypto trading directly from your bank account - connected to all the largest exchanges. Our Banking as a Service provides a robust white-label platform, allowing anyone to launch as a bank in 60 days or less.
EQIFI - the first regulated DeFi powered by a bank, offers institutions fantastic opportunities, generating returns that significantly outperform traditional instruments. With up to 70% APY, individual clients can also take advantage of EQIFI’s performance, onboarding quickly and securely via EQIFI.com
Could you shed some more light on the partnership between EQIFi and Polka City? What has this cooperation been aiming for, and in which way has it already proved to be prolific?
The future is in the Metaverse. EQIFI and EQIBank have launched initiatives aimed at setting up and opening the first branches in the Metaverse, allowing users to seamlessly interact with both crypto and traditional banking.
I’m intrigued to hear more about the Polkacity game. When can we expect it to be out?
We will be making that announcement together with our partners.
Generally, what trends do you observe in the world of NFTs entering the new year? How is EQIFi going to play on those?
EQIFI, as a compliant and regulated platform, carefully reviews every single partnership related to NFTs. We will be networking, building and developing more collaborations that are aimed at increasing the adaptation of EQX and crypto as a whole. This is all about comfort - the more traditional industry players will become involved, as they learn about the technology and the concept, the more we will see NFTs engage entire industries.
With respect to the EQIFi NFT Card - what are the special benefits of holding it for the community? Who can partake in its ownership?
The Card is open to users of 100 countries. We encourage everyone to enquire with either the Polkacity or EQIFI communities.
Please tell us more about EQX token. What essential bits of information would you share with the future holders?
We will be sharing all updates in our community channels on Twitter, Telegram, Facebook, and others
What are your future plans regarding the platform – and, particularly, what are your expectations of 2022?
We are launching into the Metaverse. Details to follow but you will be seeing some incredibly exciting things as EQIFI and EQIBank open the first branches in multiple verses.
This really is an exciting time for new products and new ideas that will create an entirely new ecosystem, and ultimately, a new world.