The real story behind crypto

Whilst incredible stories of financial gain and, more recently loss, have been attributed to cryptocurrencies, the real story behind crypto is the need for an overhaul of our banking system. What has driven the rise in crypto popularity is, fundamentally, the requirement for better access to banking facilities, the need for more flexibility in banking products, the expanded need for international banking, and the greater interest in foreign currency trading.

“Just when we see the rise of born-global small and even micro businesses, who need access to a range of banking products both here and overseas, banking has become exclusionary,” stated CEO of Australian-based cloudyBoss Pty Ltd, Lou Schillaci. “Only large corporates are offered competitive business accounts and international banking facilities and almost no one can earn interest on their account or gain an advantage from their foreign exchange activities. For these reasons alone it’s no surprise that alternate banking and currency models have gained popularity.”

That's why cloudyBoss says they created COBRA, an intelligent multi-currency banking solution that is integrated into the cloudyBoss ERP and available to all cloudyBoss users. Should a user choose to activate the COBRA function and become a COBRA member, they can open an account with any bank that is part of the COBRA worldwide network, without further security checks or additional paperwork.

COBRA can be used for everyday banking - similarly to internet banking - from a computer or mobile phone. It is available 24/7, to check account balances, transfer between accounts, pay vendors (using a wide range of payment methods) and receive funds. All members’ accounts, whether they are with COBRA member banks or not, can be viewed online, in one place. If a member's own bank is not a COBRA member bank then transfers would be done similarly to the EFT transactions they do now.

cloudyBoss, which powers COBRA, is natively multi-currency, allowing businesses to have bank accounts in the countries where they trade. As an entity’s funds move between banks, COBRA’s intuitive foreign exchange function also finds the most favorable rates, creating ongoing passive income.

In fact, a COBRA member can allocate a specific amount for COBRA to work with on the foreign exchange market and it does so 24/7, using its built-in Artificial Intelligence engine (AnIma) forex trading, functionality. It analyses real-time data - business, economic and social indicators - to determine how, where and when to trade currency on the account holder’s behalf. This sum is always insured to prevent the loss of the originally allocated amount in case of an unforeseen market fluctuation.

Each member can check at a glance how much money they have earned, in foreign exchange transactions, up until the current day and see how much it estimates it will earn them tomorrow. It also adheres to the banking regulations that govern each bank and seeks out the most favourable conditions for foreign exchange.