World banks initiate their crypto transformation

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The relationship between banks and cryptocurrencies has been improving in the last couple of months despite some previous problems. Several banks around the world have begun to innovate with the use of this technology to be up to date with the latest trends.

One example is the relationship between the banks and cryptocurrencies in the United States, which had some problems before. However, the OCC recently sent a letter that could change everything for banks and cryptocurrencies.

The OCC work is to establish, regulate and supervise national banks. The letter sent by them explained that national banks have been authorized to provide fiduciary bank accounts and cryptocurrency custody services to cryptocurrency companies. This OCC statement can open the doors for larger financial institutions to feel more comfortable in providing traditional bank accounts to cryptocurrency companies, as well as providing custody services for clients’ private keys.

Even though traditional banking is adapting this technology just now, some companies have innovated for a while now and are one step ahead of traditional banking. One that should be mentioned is bitfoliex for its rapid growth in the Latin American and Asian markets. Bitfoliex’s mission is to provide a hybrid platform where people can manage cryptocurrencies with their traditional banking.

Another major player is Skrill, an online wallet that has been around since 2001. In it, you can also transfer crypto across the world. And just like these solutions, there are many more. All these platforms have been developed for a while now and all of these are likely to be at a more advanced stage than any bank that just adopts the technology.

Economic theory predicts that a low-cost competitor enjoys a cost advantage only when high-cost competitors are still involved in the market. Once many banks have adopted blockchain, competition in the marketplace will urge all banks to transfer initial profits to individuals. This will come to revolutionize the entire world economy.

Despite having historically been one of the sectors most immune to technological breaks, banking is now focused on the introduction of technology to rebuild the trust with its clients, after events such as the global financial crisis.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to, CriptomonedaseICO.

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This post is also available in: Español (Spanish)


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