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- Hedera-powerd BankSocial wallet 2.0 has been launched with the staking capabilities of the BankSocial exchange.
- In November, BankSocial announced a strategic partnership with The Hashgraph Association (THA).
Leading open banking platform for credit unions, Banksocial, has announced the launch of a multichain and Hedera-compatible self-custody wallet in the Play Store app. The new BankSocial Wallet 2.0 App is equipped with integrated staking capabilities and is also created with the compatibilities of BankSocial exchange.
This implies that the KYC and staking features of the BankSocial exchange are integrated into the wallet on top of its design to easily connect the exchange to other Decentralized Exchanges (DEXs).
#OpenBanking platform @BANKSOCIALio has today announced the launch of BankSocial Wallet 2.0 App – a uniquely multichain, #Hedera-compatible self-custody solution with integrated #staking and KYC capabilities for seamless interaction with #DeFi protocols.https://t.co/tdIRvbg12L pic.twitter.com/sIsdNUHeN8
— Hedera (@hedera) December 14, 2023
According to the official press release, the wallet is completely built from the ground and has been made to be incredibly fast, easy to use, and simple. Mance Harmon, Co-founder of Hedera and Co-founder and Co-CEO of Swirlds Labs commented on this update:
As the industry matures, we see multichain collaboration as an important progression towards broader enterprise and individual adoption. The new BankSocial® multichain, self-custody wallet with integrated ‘one-button’ staking is a fantastic step from BankSocial towards true open banking.
It is reported that BankSocial comprises a renowned team of credit union and DLT experts. The platform empowers individuals and businesses to ensure fair and equitable access to financial tools for all users.
According to John Wingate, Chief Executive of BankSocial, the new app may serve as the foundation for their open banking platform.
By downloading the App, users now own an intuitive and secure tool to navigate the best web3 has to offer. This also gives credit unions a future-focused tool that can be launched immediately to their members without significant onboarding, costs, and integration times.
Some Previous Developments of BankSocial and Hedera
In November, BankSocial announced a strategic partnership with The Hashgraph Association (THA), an organization that accelerates the global adoption of the Hedera network. The collaboration was to provide support for the BankSocial suite of Open Banking products for credit unions.
John Wingate, chief executive of BankSocial said that the market is ready for their new initiative.
The market is ready for an economical, integrated platform that delivers these new services — economic payments, transfers, and a seamless mobile/digital banking experience with capabilities to include multiple banking relationships and digital currencies. The BankSocial platform is designed to grow the deposits and revenues of our participating credit unions.
According to Kamal Youssefi, president of The Hashgraph Association, BankSocial provides the best capabilities of Hedera to the credit union environment. This includes security, low cost, and transaction speed.
As of the end of last year, the total assets of domestic credit unions were around $2.17 trillion.
As of press time, Hedera (HBAR) was trading at $0.084783 after surging by 5.06%. The asset has a bullish market sentiment with a score of 74/100. In the last three months, the asset has surged by 65.50%, adding $0.033554 to the previous price. Hedera has also made a weekly surge of 23%, bringing its market cap to $2,854,217,328. A price prediction platform has predicted that HBAR could finish the year with a $0.101739 minimum price. The asset is expected to finish the year at $0.127174 on average.
