Digital Banks and Cryptocurrencies – The Inescapable Reality
The world’s most popular word today should be “digital banking and cryptocurrency.” Isn’t true? You must have been reading digital banking trends, cryptocurrency news, Bitcoin buzz, blockchain innovations – what else? We are all on the same page.
The craziest and hottest topics, digital banking and cryptocurrency, showing significant numbers to businesses and helping individuals explore new fintech space. The new digital banking methods are beyond what we all have been looking for. In recent years, the banking industry is on the mainstream model with a priority of digital security on its list. On the other hand, digital assets or cryptocurrencies are adopted as a new payment method, and they are, thus, rapidly expanding like never before.
Digital banking and cryptocurrency makes perfect sense, isn’t it?
Digital banks have overcome the challenges that have been existing for decades. Although, we still have a few shortcomings that need to be addressed. It’s been quite challenging to switch from offline to the digital banking experience. But then, pandemic too, forced everyone to adapt to it.
The customers of traditional banking industries are also trying to escape the routine physical cash transactions and turning up cryptocurrency-based transactions. There is no outdated market now. Everything is competing.
With faster features, dynamic customer support, instant, and accessible banking assistance, digital banks are expected to grow drastically to make a significant share of the crypto ecosystem.
Alright, crypto!
The technology that underpins cryptocurrency has come a long way. It is exponentially growing as one of the fast technologies with realistic possibilities, widespread adoption.
Digital banks are exploring cryptocurrencies more linearly. For instance, Cash App, one of the biggest beneficiaries of the US digital banking revolution, allows customers to invest in stocks and cryptocurrencies through the app itself. The platform has over 36 million active users by March 2021.
Ally Bank, integrated with Coinbase, is also a crypto-friendly bank that allows customers to purchase various currencies using credit and debit cards. So this entire phase of growth and expansion is witnessing an increasing number of users to make payments in cryptocurrencies that extend far beyond the typical Fiat currency.
This is all due to the very much concern seen in blockchain and cryptocurrencies for all of us. They care a little more about our transactions. They add an extra layer of security to the transactions and offer traceability while transferring money to someone in a different country.
So, what’s the biggest challenge now?
For the banking industry, it is always about collaboration. If you remember, during the card issuance, banks first determined which ATMs were available for withdrawals. So, maybe, for cryptocurrencies to reach their highest potential space in banking and reach wide customers, mainstream adoption could be the key.
However, cryptocurrencies are a crucial part of mainstream financial consciousness to an extent. Bitcoin, the foundation for all the cryptocurrencies, is well-known worldwide – all eyes are on it constantly. Hence, awareness is in swing, but adoption is still yet to gain traction from users. Not all digital banks are betting on the importance of crypto in today’s world but truly appreciating it to adapt as customers’ requirements evolve. Users already have the opportunity to combine the bank account with crypto functionality. However, blockchain-powered alternatives for day-to-day banking are well underway. It seems like the digital banks and cryptocurrencies are inescapable, which is sure to happen!
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