Modern Finance Is Broken
Governments and banks have proven so many times that they cannot be trusted. The 1997 Asian Financial Crisis, the 2001 Dotcom Bubble and the 2008 Subprime Mortgage Crisis which directly led to the 2010 European Sovereign Debt Crisis. Each time caused by banks abusing the trust we place in them. Yet when the house of cards collapses, governments bailed out the primary instigators of the crisis in the first place. What’s more frightening is the fact that the entire financial industry runs on the assumptions of price, supply and demand but not of intrinsic value. Governments keep printing more money to finance their borrowing. Banks keep creating money out of thin air by making loans. The value of your currency is debased every time it’s increased in supply.
Today, banks act as trusted storage provider and play as the only option to facilitate payments, especially cross-border transactions. Trillions of dollars cram around the world through an obsolete and slow system with expensive fees. If you work in the United States and you want to send some money back to your family in other countries, you probably need to pay at least $25 for a wire transfer and additional fees adding up to 7%. Your bank and the receiving bank both take a cut and the money would likely arrive a week later.
The reason why the fees are so high is due to the infrastructure with excessive manpower. It was not a problem forty years ago. Instead, the system worked pretty well back in the times. However, modern technology keeps advancing in the path that traditional financial system could not keep up with. The disproportionate rule of man in the era also played a role in bringing down the efficiency of the industry. The most important issues for modern finance are transparency in banking operations, interbank relations and workflow, risk management in making credit decisions, and the of banking interactions. Banking organizations have been repeatedly accused of involving in the planning and implementation of terrorist attacks, money laundering, tax evasion and corruption schemes. After all, it’s the trust that is lost. So, what’s the solution? And how can we fix it?
Here it comes the cryptocurrency
With the hope that adopting technology into traditional financial system could push the evolution of the industry, more and more people are getting into the era and starting up companies — Finance + Technology.
In 2012, technology finally emerged and allowed us to turn the table and have a real say in how things should operate. A truly democratic ecosystem. technology eliminates the middleman and enables untrusted parties to come to an agreement by providing a public that nobody administers. is built on technology and allows individuals to securely carry out transactions with each other independently. You do not need any entity to hold your money like how you your fiat currencies with banks. It’s all held on the cloud through the technology.
In addition to facilitating high-security payments at lower fees than banks, could also potentially replace key services that banks provide, such as clearance and settlement systems, loans and credit, fundraising, securities, etc. The disruption that technology will bring to the current finance industry is unstoppable. People no longer have to go to a traditional bank for financing. Those who might be turned away by banks could now access trade and finance through peer-to-peer networks.
Disruption doesn’t just happen overnight. The current state of technology is frequently compared to the early days of the internet. 2013–2015 was similar to 1994 for the web; 2017–2018 ICO craze was similar to the Netscape IPO in 1995 that made everyone went insane. Imagine having the chance to be part of the internet revolution in the 90s. When Facebook and Twitter were still a decade from being whisked into existence. technology is still at the relatively early stages. It’s still in its infancy and a lot of technology is yet to be perfected. But it won’t be long before it becomes the biggest thing to technology since the computer. Wouldn’t you wish you have sunk a few thousand dollars into the company back then? The opportunity to become initial investors and backers of the revolutionary technology is currently at your fingertips.
The problem right now is that this thingie is intimidating to most people. The complexities in understanding the technology, the use of confusing technical terms and the challenge of navigating through the ecosystem: from opening an exchange account, sending a successful transaction to managing wallets securely. Finally, when you go through that steep learning curve, you find out that the field is so crowded with hundreds of exchanges and thousands of coins/ waiting for you to figure out which ones might have what it takes to survive and thrive in the long run.
We get it. These are exactly the points we went through since the first day we founded DINNGO. From the inefficiency and inequality dealing with banks to the time we couldn’t stand seeing more about hacks and platform breaches in the crypto world hence we decided to build a secure, highly efficient and easy-to-navigate crypto platform in a decentralized system.
To get into crypto, first you need to choose an exchange carefully.
DINNGO is founded in 2014 with experience in the payment system and a diverse set of regulatory. Over the past two years, we have our best people researching for solutions and invested a lot of resources to shape a better exchange model. Finally, we restructured the exchange fundamentally and built a hacker-resistant platform for a fair, transparent, efficient, secure and instantaneous exchange of values.
To begin with your journey, first, you must carefully choose an exchange that does not hold your fund (decentralized) and is fully compliant with regulators. We strive to be the first choice that users can fully trust. The foundation of gaining trust from users relies exactly on businesses’ compliance to regulations and we strongly believe that implementation of strong regulatory safeguards is critical for consumers protection as we will be a platform for everyone.
Right before the end of 2018, we just took a huge step of being a fully-regulated and legally-compliant company in the space by registering as Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States. By registering as a MSB with FinCEN, we are subject to FinCEN’s perpetual scrutiny and undertake the responsibility of recordkeeping and reporting every single suspicious transactions that might run afoul of Anti-Money-Laundering Laws. In other words, you can trade at our platform worries-free.
Buying your first crypto
After choosing the exchange, next step you need to convert some of your fiat currency to buy some cryptos. As mentioned in the previous paragraph that it is recommended to choose a decentralized platform, you would notice that in crypto market, very few decentralized exchanges offer fiat currencies pairs. Paying high attention to user experience, we have all think it through for you. DINNGO Exchange will support USD/crypto into our services to cater for users that are looking to enter the space or cash out digital assets.
With the integration of the fiat currencies solution, you could easily save one more step without converting the cash with a third party. By bringing together both fiat and crypto currencies in one portfolio view, the solution ensures the highest levels of convenience and usability in one platform.
Also, our exchange is specially designed to provide an easy-to-navigate interface, where you will not get lost and confused. Even if that unfortunately happens, our dedicated customer support team is always there for you, 24/7. With an exceptional amount of experience in financial industry and technology, DINNGO has set new standards in security, usability, reliability and speed for exchanges.
Don’t forget, we are still in a very early stage. Be the first adopters because you don’t want to be the slowpoke who arrives too late to this revolution. Visit to start .
Published at Thu, 25 Apr 2019 04:09:59 +0000
