A couple of days ago Binance was reported to be on the quest to buy a bank, this was covered here on LeoFinance, interestingly, the idea of this was to merge the TradeFi(as in traditional finance) industry with cryptocurrency.
As everyone knows, Binance and many other cryptocurrency exchanges are considered "unregulated banks" as there are custodians in the space, and while previously, the difference between the two industry entities was what asset types they specified in.
In which case, the banking system was known to not be so involved in crypto assets, but this is beginning to change and both cryptocurrency exchanges and banks play very similar roles in recent times.
The bank holds fiat, crypto exchanges like Binance holds fiat, and now, with the pace at which various financial institutions, banks specifically are jumping into the crypto train and offering trading services, it does appear that both cryptocurrency exchanges and bank share great similarities, only that one is fully regulated and the other just has licenses to operate.
From news.bitcoin.com
Uala, an Argentine neobank backed by George Soros, has launched cryptocurrency trading services for its users in Argentina. Customers of the company with the highest loyalty levels are now able to trade, purchase, and sell bitcoin and ether through Uala’s platform. The service is expected to be expanded to all customers in the coming weeks.
Interestly, the Union Bank of the Philippines also announced the launch of cryptocurrency trading services, most particularly bitcoin and ethereum custody and trading services some days back.
This is reported to be the ninth largest bank in the country by assets and it sure looks to be that the ranking could possibly jump following this integration.
The Urgency is real!
Money is taking a new form and so is investing, crypto is building out new models that are frankly less centralized and more transparent and flexible. Standing outside while this technology scoops out the masses doesn't really seem ideal and so the numbers on banking interest shouldn't even be surprising.
I mean a couple of days ago, JPMORGAN was reported to have initiated its first DeFi transaction as a bank, but as individual employees, it is undoubtedly not the first time.
This is creating a good exposure to the cryptocurrency ecosystem, we can expect to see even more projects roll out because:
Move VCs are watching
The more exposure the ecosystem gets, the more hungry pockets it attracts, we may see lots of funding flooding the ecosystem and while it partially has its demerits to the funded projects, it still serves as a catalysts for increased growth and revenue, of which with such value, more tools, DApps and products can be deployed.
More individuals curiosity to feed
The most important aspect of having increased adoption by top real world entities is that it gets a large number of individuals curious about the system and its technology.
This is where retail volume comes in and as it is, it's at the top of the list when it comes to measuring growth and particularly aids in security when looking at token distribution, that's a layer of chain and project security given that the network isn't centralized by heavy pockets flowing in.
Developers and Builders interest
We should see quite a number of unique pieces deployed over the next decade, because when we look back at how bitcoin started and what we have now, we can boldly say that builders have changed the game radically with the large number of projects rolled out.
This on its own serves as another layer for adoption, it becomes a growth catalyst as "good products" tend to attract users in numbers. The numbers could easily go from thousands of DeFi projects to millions, this is so because with cryptocurrency, you really do not need to acquire lands or other "cost inefficient" things to function, most activities are done on the net, thus, more rapid developments can be attained.
The metaverse would play a huge role in this too, considering the technology aids in endless space creation, we can see companies having virtual headquarters and branches, this is how things are moving and it's pretty exciting to experience the revolution.
Thank you and please leave a comment, your thoughts matter to me