Crypto firm risks / Setup

@admin kunle please, i would like to continue the conversation.

4 Likes

Nice having you on here! How are you liking our new bantu pay app?

4 Likes

Think of NFTs (Non Fongible Tokens) built on the Bantu Blockchain and auctioned by your company.

2 Likes

NFTs are part of our roadmap.

1 Like

NFTs are part of our roadmap.
All of these applications and services keep the Bantu ecosystem vibrant and valuable for participants. More tools are being built by partners on the Bantu Blockchain Network…

3 Likes

Like i said on telegram, setting up a crypto firm is great… It starts with a meeting with your team and ask if they are ready for the task ahead. Every business thrives and collapses on its ability to identify and manage it’s risks. Same goes for a virtual assest company. That is to say, Are you ready to take the challenges/ Risk management in Crypto Assest Firms?

4 Likes

If blockchain and cryptocurrency is a high risk product? Should all cypto-transactions be treated the same and have the same inherent risk? What factors should be considered if a risk-based approach is applied to clients and entities involved with cryptocurrency?

2 Likes

It depends on how your organization determines product risk and what services related to cryptocurrencies are being offered. If your organization, as an example, would of wallet services and transaction processing, this is most likely a high risk product. By these means, your organization might differentiate between different cryptocurrencies based on risk appetite and organizational maturity. A traditional financial institutions is perhaps rather unlikely to differentiate between Bitcoin and privacy coin, but a FinTech in the crypto sphere might assign privacy coin a higher risk than Bitcoin. For client risk scoring, the factors you would use do not necessarily differ from traditional risk factors (jurisdictions, legal entity form, industry, etc.). Keep in mind that you would need to differentiate between client and product risk here - both as sub-risk factors. The sole client risk may not change, but if your client uses crypto if you’re offering it, the client’s product risk may increase and so does the overall client risk. Hope this helps

4 Likes

Thank you for your response… It was really indepth input of so much clarity on the subject

2 Likes

@abosede Bantu :heart: Together we will empower each other through value transfer by sharing.

2 Likes