BANKING
“ CRYPTO COMPANIES WILL BE SEEN AS LESS SPECULATIVE , OPENING THE FINANCE INDUSTRY UP TO THE NON- SPECULATIVE USERS OF CRYPTOCURRENCIES ”
DIMA KATZ CEO , CLEAR JUNCTION
New opportunities in the cryptocurrency marketplace Cryptocurrency isn ’ t just an appealing product for the technologically-forward companies , either . Rather , traditional banks and financial institutions are also recognising its worth and investing in the space . Nentwich explains : “ The growth and performance of digital currencies like crypto has been really incredible – and the time is now for any financial firms wanting to move into this space … Something hugely significant in the industry has been the move of major traditional firms into crypto , with many now offering crypto custody to clients . It ’ s this move from niche to the mainstream that is more interesting and more significant than the price of the currency itself .”
He points out that exchanges have also expanded tremendously and proven massively profitable , which has resulted in them starting to rival the numbers seen from some European banks .
“ Crypto ETFs were launched , allowing people to buy shares in crypto for the first time , thus legitimising it . However , at the same time , crypto was banned in China , leaving concerns hanging over businesses ' heads as to whether crypto is going to be regulated and how this will be rolled out . This has led to a rise in crypto firms turning to automation to meet increasing regulation ,” Nentwich says .
Crypto and the mighty metaverse Not only is finance becoming decentralised , it is also becoming increasingly virtual , which reflects the rising popularity of cryptocurrency as market trust increases . HSBC and JP Morgan recently announced their entry into the metaverse – the perfect environment for digital currencies to thrive , according to
David Murphy , Head of Financial Services EMEA & APAC at digital
44 May 2022