The development of the global economy is highly dependent on the general banking system, and as such, the baking sector is the lifeblood of any economy. However, although vital, the banking world cannot adequately service the entire globe with all the essential banking services. There are no reliable banking services for cryptocurrencies, and there are over 1.7 billion unbanked.
However, Apollo fintech, headed by Stephen McCullagh, introduces Knox World Pay, the first blockchain-based crypto banking platform. This platform towers over all other banking networks in providing adequate services and indeed, banking the unbanked. It achieves that by ending the general usability, accessibility, and acceptability of banking and crypto services globally.
Additionally, since Knox’s hub is the Apollo blockchain, it will benefit from the blockchain’s reliability capabilities, such as adaptive forging, database sharding, and quantum proofs.
However, the general idea of Knox’s introduction is to foster global economic growth and development. Knox will achieve that by influencing the major economic drivers including, demand, supply, inflation, and micro-business development.
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How Knox will Impact the Economy
Increase in Demand and Supply
Demand refers to an economic principle related to the consumer desire to access a particular product or service. Banking policies significantly impact the market since harsh policies may reduce demand, while relaxed policies lead to surging demand. For instance, lower interest rates lead to higher borrowing, thus increasing the demand. Moreover, if a bank loses money, it loses the ability to lend, leading to a significant reduction in demand since individuals and investors cannot access loans.
Another essential aspect to consider when looking at banks’ force in the economy’s growth is productivity and supply. Banking institutions have a significant role when thinking about supply since their policies directly affect supply. A decrease in interest rates drives a general decline in production costs; thus, investors will take more loans to expand their business.
Knox drives an increase in demand by ensuring that investors easily access banking services from the most reliable crypto-assets. No central banks regulate the Knox platform; therefore, no one can alter monetary policies without proper procedures. Since Knox will institute proper interest rate systems, the interest charges will remain affordable to both the buyer and seller. It’s quite clear that Knox’s effective banking services will help increase demand, thus ultimately leading to the general economy’s growth.
Another critical factor to discuss when discussing economic development is inflation. Inflation has long been a severe problem in developing countries since it creates investor distrust on the inflated currency; thus, investors prefer to store their wealth in other forms.
However, since Knox is introducing a cryptocurrency to the general world, inflation will no longer be an issue. Digital currencies like bitcoin, APL, ETH, GSX can withstand serious economic plummets; thus, investing in them assures investors of wealth security.
Small Business Development
Mobile saving platforms have an enormous impact on the general growth of small businesses. In countries successful with implementing mobile money banking, there has been a vast rise in savings from small businesses and mostly women. Moreso, mobile banking platforms provide education opportunities to help small scale merchants get the best of saving.
Knox World Pay is the revolutionary factor in the mobile banking system, accelerating micro-businesses’ growth. It institutes its currency, Apollo digital currency, which is a perfect store of value and medium of exchange. Apollo holders will benefit highly from the profits generated by the Knox World Pay platform. Moreover, APL’s value increases with time; thus, small business persons will enjoy significant future profits with just a tiny investment.
Additionally, Knox provides users with the option of investing in other cryptocurrencies with large market shares, including bitcoin and ethereum. Exposing small inexperienced traders to these large markets will encourage more people to invest in cryptocurrencies. Due to these currencies increasing values, they will ultimately make enough profits to expand their businesses.
Since Knox provides crypto SMS transactions, it also gives small merchants a POS helping them run cryptocurrencies. Offering a POS system to micro-businesses accelerates crypto acceptance globally, leading to faster crypto adoption and economic growth.
The agent’s network will also be of great importance to starters in the crypto world since it will ease the entry barriers. Moreover, these agents will educate users about the benefits and downfalls of cryptocurrencies, helping to bolster trust in crypto assets.
The Knox World Pay platform is the world’s first solution to all matters crypto and banking adoption. This platform will touch some economic building blocks, thus ensure general uniform global economic development. For instance, Knox will help foster the growth of demand by offering users loans at affordable rates. Moreover, by giving the Apollo currency to investors, Knox will attract more users into the platform, thus benefiting from the deflationary currency. Knox will also impact the supply forces by fostering affordable taxes, interests and reducing trade barriers, including regulations.
Small business traders will get the best benefit from the Knox platform since they will enjoy cheaper and safer options for saving their everyday earnings. Moreover, Knox’s POS system will help traders accept crypto payments, ultimately driving faster crypto adoption. This new platform will largely revolutionalize, global financial development.