LeoGlossary: Bank

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Financial institutions that are licensed by governments to receive deposits and make loans. Some might also be authorized to provide wealth management and currency exchange.

The different types of banks:

  • Retail - ones used by average individual offering savings and checking accounts
  • Commercial - focus on business customers (also known as business banks)
  • Investment - raise capital in the financial markets
  • Private - exclusively for wealthy clients
  • Central - monetary authority for governments
  • Online - banks without physical locations

For the average person, cryptocurrency wallets can handle the basic sending, storing, and receiving currency, which are the banks services that most people use.

Many of the offerings handles by investment banks are going to be serviced by Decentralized Finance (DeFi).

Posted Using LeoFinance Beta