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Cryptocurrencies are driving the financial revolution. By eliminating third party involvement, they call into question the paradigm of conventional fiat currencies and the role of financial institutions or central banks. However, influential financial institutions and central banks worldwide can play a major role in shaping the cryptocurrency landscape. Responding to this new paradigm, banks and financial sectors are prototyping their cryptocurrencies and investing in solutions focused on cryptocurrency exchange development for banks.

How can a financial market launch a cryptocurrency?

Financial markets can leverage an open or a closed system to launch cryptocurrencies. An open distributed and decentralized cryptocurrency can be exchanged for fiat currencies. On the contrary, a closed cryptocurrency, being centralized, can only be utilized in the environment it was designed for.

In an open-distributed network, a cryptocurrency token serves as the object. The network leverages PoW to reach an agreement. The access is open, which means it is permissionless and allows anyone to participate in the network. The identity of the participants is pseudo-anonymous.

In an open-centralized network, the system is permissioned, allowing only the members to participate in the network.

As banks prototype their cryptocurrencies, they can seek solutions focused on cryptocurrency exchange development for banks to enter the crypto world and drive financial transformation.

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