Los Angeles, California--(Newsfile Corp. - December 13, 2022) - Sprocket has launched an integrated platform for traditional and blockchain-based banking that allows users to deposit, withdraw, save, transfer money, and invest with higher yields. It is a subsidiary of TS Banking Group, a bank holding company regulated by the United States Federal Reserve
Sprocket Financial operates using a bank charter and is regulated by a federal agency. The deposits with this integrated banking platform will be insured by the FDIC enabling users to have a safety cushion in case of unfortunate liquidity crunch scenarios. Sprocket is focused on developing an integrated user experience that allows individuals and businesses to seamlessly transact across multiple asset classes and custodians from a single point of control, backed by a real bank.
As we are aware, the world of finance witnessed many ups and downs over the past year, as a sustained pricing decline since the spring across asset classes such as stocks, bonds, and cryptocurrencies has left users uncertain of the future. Despite the 2022 liquidity crunch, especially in the digital market, long-term investors, blockchain economists, and visionary thinkers still believe in the transformative power of the decentralized economy, some more than ever.
Sprocket Launches an Integrated Banking Platform
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Liquidity is important for all tradable assets - low liquidity means the market is especially volatile, while high liquidity means there is a stable market with few price fluctuations.
This past spring, the global DeFi market began to face serious challenges when several crypto lending firms filed for bankruptcy due to their inability to liquidate assets for customers. In addition to the recent FTX fallout, one of the most notable examples of this phenomenon was Celsius, a cryptocurrency lending company previously led by Alex Mashinsky.
Furthermore, these tumultuous times have given federal regulators even more ammo to push for regulation, something that Sprocket Financial's traditional and yt integrated banking platform completely abides by. The Federal Reserve Chair Jerome Powell said that he had "no intention" of banning newer assets in the U.S, and investors could look forward to more protections in the future. More regulation could mean more stability in a notoriously volatile market. This could also potentially protect long-term investors by preventing fraudulent activity. With that being said, regulation has the potential to turn the cryptocurrency market into everything it opposes philosophically. It is a difficult needle to thread.
Sprocket's hybrid banking platform features an integrated experience consisting of traditional online banking services and a full-service asset staking system; users can deposit their paychecks and manage their investments across asset classes in one place. Sprocket welcomes innovations in blockchain-enabled banking technology while embracing the security and value of traditional banking services.
By making substantial strides toward modernizing financial services, Sprocket, under the guidance of Jesse Lund, is poised to usher.
Founder Jesse Lund says "Sprocket believes that some regulation is necessary for widespread adoption of the integrated banking model we're building." By converging conventional banking with blockchain-enabled financial services, Sprocket aims to make the industry safer for general commerce while simultaneously bringing financial services to the remotest parts of the world.
About Sprocket Financial
Sprocket Financial is a subsidiary of TS Banking Group, a bank holding company regulated by the United States Federal Reserve. It is a traditional-cum-modern digital banking platform that converges conventional online banking, asset classes, and decentralized finance into a single integrated experience.
Media Contact:
Business Name: Sprocket Financial
Media Contact: Mollie Martin
Contact / Email Address: mollie@sprocket.financial
SOURCE: Sprocket Financial
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