Banks’ interest in crypto assets is growing worldwide, and the financial market is witnessing significant adoption of digital currency-related products by financial institutions.
According to the CEO and co-founder of Transfero, Thiago Cesar, this integration between the crypto market and banks will continue in the coming years. Everything indicates that these two players will become a single financial platform in the future.
For Thiago Cesar, the adoption of crypto assets in banks does not represent a threat to exchanges. On the contrary, he believes that crypto asset exchanges will become the future banks.
In an interview with Cointelegraph, he said that platforms like Coinbase and FTX are leading a path in the financial market that resembles what J.P. Morgan and Goldman Sachs were in the past.
“I think it’s easier for international exchanges to become the next banks of the future than for traditional banks to dominate this scenario. For example, names like FTX and Coinbase have everything to be what J.P. Morgan and Goldman Sachs have been in the past. Because of the technological aptitude, the mindset, the way these international exchanges have been built, I believe they are best positioned to be the big financial players of the future and not the other way around”.
As a reason, Thiago Cesar talks about the fact that exchanges have more functionality than banks when offering digital assets. For example, while at banks, crypto asset trading is restricted to buy and sell transactions only, digital currency exchanges offer more options, such as transfers and withdrawals.
Thus, banks’ increased adoption of crypto assets does not pose a threat to exchanges. Companies already established in the crypto market are likely to continue expanding their operations, with chances of becoming the banks of the future.