We Need Banks For Crypto To Succeed, Here’s Why.

Back in the ‘60s, soft drink 7Up was the relative ‘new kid on the block.’

The youth of the day knew all about Coca-Cola (and Pepsi). As for their citrusy counterpart: well, it looked a little too different for anyone to give it a try.

Then, the brains behind the concoction had an idea. They put two words together that injected 7UP straight into the public consciousness. The turn of phrase they used was simply, ‘The Uncola.’

But why did this slogan prove so effective? Because it helped people get comfortable with something new by comparing it to something old. By putting 7UP next to Coke, the marketing team positioned the product as a ‘Coke-like’ soft-drink. And sales soared. 

It was a canny play: one that’s now proving useful here at Elitium.

The Un-Revolut, The Un-American Express, The Un-N26

As much as those in our industry say cryptocurrency is just ‘currency,’ its technicality can make it look a little too different for most people to give it a try. And that’s led the industry to ask:

— ‘How do we get people comfy with crypto?”

Well, it seems the answer could lie in a 60’s marketing strategy. 

As 7UP showed that it was ‘just another soft drink:’ by loading a debit card with crypto, we can show that (despite apparent differences) crypto really is just another currency that works like any currency — as the features of the Elitium Crypto Card prove:

• App-based Banking: The crypto card offers a familiar digital banking experience, with the Elitium App tracking spending, cashback, and rewards.

• IBAN + SEPA-enabled: Send any money to any bank account, anywhere in the world (or have others send money to you).
• Get interest: Earn interest on USD, rewards on idle EUM balances, and APY if you invest in gold.

If people see crypto as ‘digital banking,’ there’ll be nothing to be uncomfy about; truth be told, there’s a lot that should make you feel very comfy indeed.

For starters, distributed ledger technology lets you store your money on a secure blockchain, meaning no bank, no authority, no third-party can touch it. Moreover, transactions remain essentially private and anonymous.

The infrastructure keeps fees to a minimum (zero fees on many transactions). While you can get up to 6.5% rewards if you keep your funds as Elitium cryptocurrency EUM — and earn up to 1% cashback for spending on your Elitium Crypto Card.

There are even insurance protocols in place to protect against fraud.

Thank You, Banks.

Most people know the digital banking experience. And while crypto might one day eliminate banks for good, that’s not to say we shouldn’t be grateful they exist.

The mere existence of banks lets us position crypto ‘like digital banking, but better.’ And we can use this positioning to showcase the simplicity of our blockchain-based wealth management solution, thus smoothening the path to adoption.

Whereas without this comparison, it could take generations for people to get comfy with crypto.