Banks and digital assets: from naysayers to pivotal partners

By Andrew Delves, Senior Relationship Manager: Fintech, at ClearBank

Digital assets, Blockchain technology and the adoption of cryptocurrency are on the rise and we’re moving towards them being a part of the mainstream financial system in the UK. We’re seeing many fintech players including such technology into their offerings, and specialists are emerging to pioneer the technology and its introduction into the mainstream financial system. To successfully integrate digital assets into the financial system, these existing and emerging providers require collaboration and support from banks, which are the fundamental gatekeepers of key financial infrastructure. For example, although crypto is essentially its own ecosystem, it requires the support of banking infrastructure to enable consumers to access it easily via fiat on/off-ramps to enable the exchange from fiat currencies to cryptocurrencies, and vice versa, thus bringing monetary value into the crypto ecosystem.

In this article, we’ll discuss:

o The significance of digital assets and Blockchain technology and if it is truly here to stay.

o The impact on the rest of the financial landscape as digital assets come into mainstream use.

o The importance of collaboration between digital asset providers and banks, in order for digital asset participation to truly come to fruition.