The fact that cryptocurrencies as well as Blockchain technology are the future is beginning to be understood by even the highest American bankers, which is confirmed by the latest letter from the ABA.
The American Bankers' Association (ABA) has focused in its latest 20-page report on the fact that all banks should start considering working with companies that offer cryptocurrency services.
The daily Forbes, which reproduced the report, also reported that one of the main reasons was the recognition that the cryptocurrency sector was increasing its profitability as well as the fact that clients were interested in this class of investment assets.
Let us therefore look at the crypto use cases for banks mentioned by the ABA in its letter:
- Store of Value, Custody / Wallet Provider, Payments, Lending, Exchange Trading, Broker-dealer, Insurance, Network utility and also Asset Management.
With the increasing profitability of the crypto industry, banks have found it more lucrative to take crypto companies on as partners and their customers as clients while crypto companies need banks to provide access to the payments system to onboard and offload fiat deposits,” stated in the report
Regarding the assessment of the current situation of banks vs crypto, the report confirms that banks are already increasing their involvement in this area and are looking for opportunities to best provide clients with crypto investments.
One of the important findings and impulses for banks is to be also a survey conducted by NYDIG, with the result that up to 80% of BTC holders would prefer to move their Bitcoin to the bank.