Relationships between banks and crypto exchanges is positive sign for development
The relationship between crypto platforms and traditional banks will benefit the digital asset industry. This is the opinion of Katharine Wooller, managing director, UK and Ireland for crypto exchange Dacxi.
“It appears the reputable, blue chip coins finally have a hard-won place in the mainstream. Institutional grade exchanges finally being accepted into the old boys’ club will do wonders for public perception of credibility of crypto.”
Banking giant JP Morgan will provide cash management services to exchanges Coinbase and Gemini. According to Wooller, a traditional financial institution will have to get rid of the prejudices associated with cryptocurrencies.
“Crypto exchanges have long had a fractious relationship with the banking titans fuelled on the one side by deep fear of what they don’t understand, and the other by a need for traditional banking structures made available to crypto businesses. On both sides there has been a sense of one eating the other’s lunch.”
Cooperation between banks and exchanges will receive a positive response from regulators.
“As the major financial institutions adapt, this in turn will force regulators to harmonise their approach to crypto. This will also separate the bad actors, such as those which are unregulated, from the regulated and law-abiding exchanges, meaning that the larger financial institutions will not have dealings with the unregulated players.”
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