If you’re interested in learning how cryptocurrencyA cryptocurrency (or crypto currency) is a digital asset des… More is revolutionizing traditional banking, you’ll want to attend the session Crypto Neo-Banking at Coindesk’s Consensus 2021 virtual event. CipherTrace CEO Dave Jevans will bring his expertise in cryptocurrency and blockchainA blockchain—the technology underlying bitcoin and other c… More security to the panel. Jevans and will be joined by Hailey Lennon (attorney at Anderson Kill) and Michael Kimani (creator at Cryptobaraza, a builder of Fintech, blockchain & crypto products in Africa) next Thursday, May 27th, from 1:35-2:00pm ET / 10:35 am-11:00am PT.
The Revolution of Banking and Crypto
The intersection of cryptocurrency and traditional finance has been widely adopted over the last year: JP Morgan has taken on two prominent cryptocurrency exchanges as banking customers, PayPal began accepting cryptocurrency transactions on its network, and Anchorage became the first national bank for digital assets when it received a conditional trust charter from the OCC. However, while some banks have embraced virtual assets based on the many benefits and enormous revenue potential they bring, many continue to shy away from crypto even as the blockchain economy booms.
However, like it or not, cryptocurrency has become pervasive in the global financial system. In the past two years, as more mainstream consumer and institutional investors embrace cryptocurrencies, it becomes increasingly difficult, if not impossible, for traditional financial service firms to avoid entanglements with the crypto economy.
This panel at Consensus 2021 will offer perspectives from each expert on how to better integrate crypto into the traditional banking system, as well as the potential consequences of continuing to ignore the sector. The panel is very timely as every financial institution on the planet is racing to figure out its bitcoinBitcoin is a digital currency (also called crypto-currency) … More strategy. Yet, crypto companies and consumers are still persona non grata when it comes to basic banking services like opening a checking account or transferring funds. Why is this still all-too-often the case? What will it take to change this?
When banks turn away viable virtual asset businesses there is a detrimental effect on the blockchain economy. Once rejected by banks, these businesses may risk forcing crypto firms to hide their transactions as well as the true nature of their businesses. In doing so, banks create multi-billion-dollar blind spots that prevent them from fully assessing and understanding their risk exposure. On the other hand, banks looking to actively onboard virtual asset customers or begin offering crypto custody services can fail to fully assess the risks that come with these services if using the wrong tools.
If you’re looking to understand what is needed to better integrate crypto into the traditional banking sector, this is a must-see session at Consensus 2021.
Source: https://ciphertrace.com/consensus-banking-panel-features-ciphertrace-dave-jevans/
- &
- Account
- africa
- asset
- Assets
- Bank
- Banking
- Banks
- Bitcoin
- blockchain
- builder
- businesses
- ceo
- change
- checking
- CipherTrace
- Coindesk
- Companies
- Consensus
- consumer
- Consumers
- continue
- creator
- crypto
- crypto firms
- cryptocurrencies
- cryptocurrency
- Cryptocurrency Exchanges
- Currency
- Custody
- Custody Services
- Customers
- digital
- Digital Asset
- Digital Assets
- digital currency
- economy
- Event
- Exchanges
- Features
- Figure
- finance
- financial
- fintech
- First
- funds
- Global
- Hide
- How
- HTTPS
- Institution
- Institutional
- institutional investors
- Investors
- IT
- jp morgan
- learning
- Mainstream
- National Bank
- network
- offer
- offering
- Other
- PayPal
- perspectives
- planet
- Products
- racing
- revenue
- Risk
- security
- Services
- So
- Strategy
- system
- Technology
- traditional banking
- traditional finance
- Transactions
- Trust
- Virtual
- What is
- year
- years