What Is Finom?

It is evident there is a growing need for more unified cryptocurrency solutions these days. With so many companies offering different pieces of the same puzzle, it isn’t convenient for consumers to get the information and tools they need. This is where Finom hopes to make a difference, as it is a collaboration between various existing projects. Making the blockchain and cryptocurrency ecosystem easier to access is never a bad idea.

Finom can Benefit Everyone, if Successful

Most people who are involved with cryptocurrency these days use a wide variety of tools. Choosing the right mining tool, finding a mobile app to keep track of cryptocurrencies, or simply looking for the latest information are just a few common tasks. A lot has changed in the world of cryptocurrency lately, but there is still no real unified solution whatsoever. It seems there are a lot of business opportunities waiting to be explored in this area.

It seems Finom is one of the first solutions to possibly make a big impact in this regard. More specifically, this platform will serve as a major collaborative effort bringing together operators of many different services. Three of the main partners include TabTrader, Cryptonit, and Nanopool. Most people know TabTrader as being a prominent mobile trading tool for cryptocurrencies. Nanopool is a well-respected cryptocurrency mining pool which supports multiple currencies.

There is a growing need for convenience in the cryptocurrency ecosystem. Finom claims to have five working projects up and running already, which together combine for over 520,000 registered users. It is certainly true all of the services mentioned above are pretty popular in their own right. This new single point of entry for blockchain enthusiasts will open up a lot of doors, assuming the team can deliver on this massive promise.

Other points of focus for this new blockchain initiative include setting up more mining and trading solutions, as well as venturing into the world of banking. The latter aspect seems a bit disconcerting, considering that cryptocurrency and banks don’t tend to mix all that well. Few financial institutions are willing to work with cryptocurrency companies these days. For one thing, ensuring that cryptocurrency credit and debit cards will be supported is a major challenge, to say the least. 

While it is commendable that Finom aims to be a “flawless economical and financial system”, there are many challenges ahead. Letting users manage and store their digital currency and assets may be the least of the hurdles to be overcome. Developing banking products and a payment system is the next step on this project’s roadmap. Whether or not it can effectively pull this off remains a big question. It is certainly true that the project’s operators have some of the expertise necessary to pull all this off. However, there are a lot of questions on the legal side of things, especially when it comes to compliance.

In the end, it would be pretty exciting to see Finom succeed. Whether or not that is a possible outcome remains anybody’s guess for the time being. No one can deny this initiative will set the tone for the future of blockchains and cryptocurrencies alike. However, there is a big difference between being ambitious and being successful. Only time will tell in which category Finom belongs.