Why is the use of blockchain effective in the financial services industry?

Part 3 of Celsius CFO Harumi Urata-Thompson’s financial literacy blog series.

Why is blockchain technology effective in FinTech?

Traditional money, such as USD, is printed and tracked by the Federal Reserve — one central authority. Blockchain-based cryptocurrency transactions are verified by an advanced network of computers, thus removing the “trusted central party” handling the end-to-end activities of a given currency, or anything else for that matter.

What does this mean to a company like Celsius?

There are a number of companies that failed post-ICO. Blockgeeks once predicted 99% of the projects would fail and according to news.bitcoin.com, 264 altcoins failed to survive 2018 and roughly 55% of them were comprised of ICOs that were raised in 2017. There are several reasons why these companies failed and will have failed. Two top reasons named were outright project failure and scams. The common theme for both of them is the lack of trustworthy experienced team’s involvement in ICO and management of a project.

About Harumi Urata-Thompson

Harumi specializes in leading and advising companies on taking innovative paths to achieve strategic, operational and marketing success in their businesses. She serves on the board of directors of several companies and speaks on topics including Artificial Intelligence, Blockchain, Cryptocurrency, Cybersecurity, Outerspace, Cross-border Business, and Diversity & Inclusion. Previously, Harumi was the Chief Operating Officer for CFA Society New York, a nonprofit affiliate of the CFA Institute with 10,000 financial professionals which she successfully completed a turnaround. Before CFA Society New York, Harumi spent 14 years at Thomson Reuters managing various innovation initiatives, business unit and products. Harumi began her career in investment banking with Morgan Stanley and Citigroup, working with fixed income derivatives and mergers & acquisitions. Harumi has an MBA from INSEAD in France and a BA, magna cum laude, in business from Sophia University in Japan. She is a Chartered Financial Analyst, Project Management Professional certified, an Advanced Communicator and Leader of Toastmasters.

About Celsius

Celsius is a democratized reward-earning and crypto lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn rewards by transferring their coins to their Celsius Wallet and can borrow USD or stablecoins against their crypto collateral at interest rates as low as 1% APR.

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