Crypto banks could replace fiat banks in the coming years
It’s likely that the customers of the banking system that are younger will use the services of a traditional fiat bank if it will not offer some type of access to crypto.
It has been reported that Kraken is the first-ever cryptocurrency exchanger to become a bank in the US. This means that they will offer more funding and banking options to their customers and their company will be able to do business in various jurisdictions and not having to deal with compliance plans of every state.
In the coming years, the young generation will be able to walk into the bank office and get access to savings accounts, credit and investments using both fiat assets and cryptos.
Kraken is collaborating with Silvergate Bank to offer FedWire and SWIFT funding options. The traditional banks should start paying attention because this type of collaboration will become more and more popular in the years to come.
Silvergate Bank is at the front of the race with digital asset companies depositing more than $1.5 billion. This amount is still a small amount compared to the market capitalizations of other major banks but remember that big bankers that previously the value of Bitcoin are now using Gemini and Coinbase.
A “full service” bank will be soon defined as a bank offering all type of financial services, both fiat and crypto. Now it would be the best time to have all the tools required for the crypto banking, banks must adapt or will be left behind.