Mantle's Banking is here, called UR.
The pronunciation is "YOUR" and the announcement of @Mantle_Official UR shows how the product could look like.
Let's dive into it and imagine what we could do with it.
- A Swiss-Backed Multi Currency Account
- Mastercard Debit Card
- Global Banking Rail Access
This is what we can get when we create a UR account. First of all, if you are in a jurisdiction that is allowed (not yet confirmed which one is, but in total 40 countries) you will be able to get a Swiss backed account. Means that you should be able to transfer Fiat to a Swiss account is possible, because you will get an IBAN number supporting EUR, CHF, USD, and RMB. I personally don't use or need directly RMB or CHF, but EUR and USD support is definitely very interesting.
As it is a real bank account with IBAN, it is not like DeFi, where you need only a wallet, but more like using an exchange, where you need to fully KYC to use it.
You can deposit assets with SWIFT, SEPA, and SIC (traditional international banking transfers) and crypto networks Ethereum and Arbitrum.
What was surprising is, that Mantle decided to go start with Arbitrum instead of their own Mantle network, but it seems that Mantle and also networks like BASE are already planned to integrate in the near future.
A Master Debit Card is also included in the UR account, which means that I can send Fiat or Crypto to my account and can use it with a Debit Card in real life. Also getting Crypto off-ramping to Fiat and sending it over to another bank account is available with UR as scenario.
=== How to use scenario ===
First of all, the most important part for me was an international on-off ramping of Crypto. I was in Germany a few days ago and saw that Bitvavo was one of the biggest exchange players there. But as a non-European you were not able to create an account there, similar to the Korean market, where a foreigner can't on-off ramp crypto with Korean exchanges.
This would be a game changer, not only for individuals but also for companies, if they would be allowed to create UR accounts, to act globally with crypto on-off ramping it with UR. Really looking forward for the start of UR and will be one of the first ones trying it out. There is still a lot of things coming up, like Mantle DeFi integration and more. I can already imagine depositing USDC or $cmETH or similar to UR and let it work and pay with the yield. :)
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