Banks Vs. Cryptocurrencies: Can there be any peace between them?
E-Crypto News decided to crack the tough nut of peace between big banking and cryptocurrencies of recent. We found out that it was indeed a big problem and we couldn’t handle it ourselves so we did the next best thing: We took the matter to the experts. They gave us a clearer picture of what is really happening and if the nut can ever be cracked if at all.
Lance Morginn, President of Blockchain Intelligence Group (BIG) a Vancouver-based blockchain-agnostic search and analytics intelligence firm, working directly with financial services, ATMs, exchanges and banks.
“This is not a question of if they will make peace but when. Technology companies are working furiously to provide the same capabilities in tracking, AML, OFAC in fiat in the cryptocurrency space. Banks know their competitors, and if they haven’t already, will start to educate themselves around what is possible and how they could get involved. 18% of all US and college students hold cryptocurrencies and this is the demographic every bank would like to secure as a client. The banks can then sell the client all the other services that makes the bank its real returns, like lines of credit, credit cards, and mortgages to name a few”.
Points to Note
- It is only a matter of time before peace happens.
- Financial and accounting capabilities are increasing in the crypto space.
- Cryptocurrencies are winning among the younger generation.
- Banks will want a piece of the action.
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