According to Digital currency market news and analysis of MinerLand, in the next three years, if a traditional fiat bank does not have access to cryptocurrencies, the new generation of bank customers will not trade with them.
Over the next few years, a new generation of financial bank customers will be able to access their credit outcomes, deposits, and investment accounts at the banks that can handle both cryptocurrencies and fiat assets. How all of this is happening is currently started.
Kraken, an exchange that works with digital currencies, is the first crypto exchange in San Francisco in the United States that is converted to a bank. Turning it into an official bank has enabled Kraken to offer more banking options and budgets to its present customers. It also means that Kraken Financial can operate in several parts of official legitimacy without having to deal with government adoption programs.
Are blockchain tools convenient for fiat banks?
Soon, in the opinion of bank customers, a bank will have “full service” that provides financial services in crypto and fiat currencies. Now is the time that banks begin to get the tools customers need for cryptocurrency banking. If the Banks don’t start adapting to “full services”, they will vanish.
The idea that Bitcoin or blockchain is not traceable has been repeatedly rejected. Blockchain-based cryptocurrencies are much more prone to follow-up methods than fiat currencies. It is feasible for investigators to find the source of the transactions. Banks need blockchain developers and risk-taking tools to do this with digital currencies. After that, these banks can provide more services than the current services that are available to the public.
Is DeFi the response for the ordinary consumer?
The duty of DeFi is not to respond to the typical consumer. DeFi projects allow users to get basic technical advice from other traders and if they are profitable, they pay fees. Traders can invest in a digital investment portfolio without even paying a bilateral fund fee. Investors can also have their cryptographic derivatives without the need for regularly switching between blockchains. These innovations are just a small part of DeFi capabilities. As the market continues to grow, DeFi projects allow us to do things we don’t even think about them now.
The ordinary customers, even if they keep most of their assets in digital currency, still tend to talk to a banker sometimes. Besides, whole governments in the world are working on their own sponsored digital currencies. Certainly, ordinary consumers would like to have access to these cryptocurrencies via their preferred traditional bank.
What will happen if the banks do not join this change sooner?
There are still banks that approach cryptocurrency with hesitation and panic. But now it’s time for traditional fiat banks to have more access to digital currencies to empower themselves. With the rise of cryptocurrencies and innovations in the world financial system, if they do not do so as soon as possible, it is plausible that they will get involved in huge struggles.