A Crypto-friendly bank | UK set to capitalise on a major market opportunity
The cryptocurrency space is a digital space — supposedly a disruptor space — yet how come it is still not digital enough to succeed?
The original cryptocurrencies and associated organisations evolved partly out of the desire to disrupt the traditional banking model and fiat currency system. Ironic then that these tech pioneers now desperately need bank accounts for fiat deposits in order to continue their upward trajectory.
Whilst the crypto ecosystem continues to develop at lightning pace, most of the established banks maintain their hostility towards the space although there is some improvement on 2014 and reports of bank accounts being frozen simply for trading the asset class. …
“Change is the only constant.”
The Greek philosopher, Heraclitus of Ephesus made this observation years ago and today it captures the essence of Lagarde’s speech delivered on Wednesday this week at the Singapore Fintech Festival. It is a pivotal declaration on the part of a major international financial institution — the International Monetary Fund — in favour of harnessing the power and potential of distributed ledger technology.
Lagarde discussed three important emerging aspects of fintech: firstly, the fact that money is becoming increasingly digital worldwide. Money as we know it is rapidly evolving and adapting to the advancements in technology taking place as we speak. There is a fintech revolution underway. As with all technology, it takes a while to become mainstream — but once fully embedded, it quickly snowballs and evolves at an incredible pace. Phenomenons such as M-Pesa mobile money in Kenya, AliPay and WeChat in China, to PayTM in India are here to stay. They were created in response to the specific financial climate in those countries and have enabled their economies to bank a wider, more versatile segment of the population. …