Onchain Money for Seamless B2B Cross-Border Transactions is poised to redefine how we think about moving money on a global scale. But what exactly is it? And why should you care? Let’s break it down.
What is Onchain Money?
At its core, Onchain Money is a tokenised deposit system that mirrors traditional fiat currencies on a blockchain. Imagine using pounds, euros, or dollars on a decentralised platform while retaining the simplicity and familiarity of bank account details like IBANs or SWIFT codes. This is not just about sending crypto like Bitcoin or Ethereum — this is about using real-world currencies in a blockchain environment with the same convenience, but without the inefficiencies of traditional financial systems.
Think of it as a bridge between traditional finance (TradFi) and decentralised finance (DeFi), ensuring that businesses and individuals can transact seamlessly without worrying about intermediary banks, costly fees, waiting times or middlemen taking their cut.
Onchain Money is currently being tested in the BABB app (its first use case), and Clearbank will be the first use case for Onchain Money. 🙏
FYI, If you haven’t downloaded the BABB app, you can do so here:
B2B and B2C Transactions
Onchain Money’s business model and main goal is to improve B2B cross-border transactions by addressing major pain points in traditional systems. Businesses typically face high fees, delays, and complications from currency conversion when dealing with international clients. Onchain Money eliminates these inefficiencies by offering real-time transfers on a decentralised platform, which can save huge costs, especially for large-scale transactions.
For B2C interactions, the possibilities are just as transformative. For starters, you won’t need to swap ETH for USDT, and then transfer that USDT back to a CEX to convert to GBP — transactions occur directly from your BABB wallet (initially), Onchain GBP mirrors GBP, which can be sent straight to your bank account using standard bank acc details (IBAN, SWIFT, etc). Users can benefit from faster transactions, lower fees, better accessibility, and of course, saving time from all these transactions.
Disrupting Traditional Finance
Onchain Money is more than just a convenient way to send money —you can already do that anyway through Revolut, Monzo and other major online banks — it represents a fundamental shift toward decentralisation, where no one holds your keys or is in control of your account. And most importantly, by participating as a user, business, developer, or validator in our ecosystem, you earn rewards in the process. That’s the power of decentralisation. But back to our infrastructure and our technology. By removing intermediaries, ReDeFi:
- Cut costs: Businesses can save significant amounts by avoiding traditional banking fees.
- Increase transparency: Blockchain transactions are publicly recorded, reducing the chances of fraud or hidden fees.
- Enhance privacy: Transactions on platforms like ReDeFi’s Onchain Money are secured by blockchain, ensuring data protection.
We’ve written before about the coming “Banks on Chain” era, where traditional banks integrate with blockchain to become more efficient. Onchain Money is the next step in this evolution, offering financial institutions a way to stay relevant by incorporating decentralised technology without losing regulatory compliance.
Why is This Important Though?
In the current monetary system, cross-border payments are notoriously slow and expensive. Banks and payment processors make up the difference with high fees, currency conversions, and lengthy processing times. Onchain Money solves these problems by streamlining the process. With near-instant transactions and decentralised validation through the ReDeFi L2 blockchain, it’s a win for everyone involved — businesses, consumers, and even banks looking to modernise.
In conclusion, Onchain Money is not just another blockchain product — it’s the beginning of a financial revolution. Whether you’re a business looking to reduce cross-border transaction costs or an individual who wants to manage your money more efficiently, the future is #Onchain. 💪
📖 Learn More:
- Tokenomics: Read about RED Tokenomics
- Presale Landing Page: Join the RED Presale
- All Official Links: https://linktr.ee/redefi_world
About ReDeFi
ReDeFi is providing a financial infrastructure platform to bring banks on chain. Our blockchain-based platform enables fast, secure, and low-cost B2B cross-border transactions, unlocking new opportunities for businesses and financial institutions worldwide. With our unique Onchain Money solution, we’re bridging the gap between traditional and decentralised finance by making global transactions for every user more accessible and efficient.
Risk Disclaimer:
Don’t invest in cryptocurrencies unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
