Growth in Blockchain and Cryptocurrencies for Banks
June 15 2018 - 12:50PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
June 15, 2018 -- ADVFN Crypto NewsWire
-- Research published by U.S. based
market intelligence firm Greenwich Associates shows huge growth in
the budgets banks are setting aside for blockchain technology
development. The study interviewed around 200 global institutions
that are working with blockchain technology.
The global financial services industry
totalled $1.7 billion in 2017 toward the technology. This is a 67%
increase from the year prior.
-
10% of the surveyed banking
institutions reported increases to $10 million or more.
-
14% percent claimed to have already
deployed a blockchain solution.
-
75% expect shift from
proof-of-concepts to live production within the next two
years.
-
50 percent of the executives
interviewed said that implementing the technology "was harder than
they expected."
Job
Creation
One of the most telling components
of information gained from the study deals with the work force
required to implement the new technology. Companies interviewed
said the number of staff dedicated to blockchain doubled in the
past year. Top-tier banks now have an average of 18 full-time
employees focusing on blockchain development.
Cryptocurrency Exchanges
Relationship with Banks
Only a handful of exchanges have
been able to secure banking licenses, allowing them to list fiat
pairs and accept deposits and withdrawals in fiat currencies. This
is both due to regulation, as well as the fact that many of the
major banks are simply unwilling to get involved in the
cryptocurrency space at this time.
Most notably the largest crypto
exchange by volume Binance just announced that it has set up a
banking partnership in Malta. They will be able to link Euro pairs
through a new platform, similar to that of Coinbase and GDAX.The
largest bank that partnered with a cryptocurrency based business is
Barclays (1.1 trillion in assets), which partnered with Coinbase.
Small banks look to cryptocurrencies as an opportunity to attract
new customers.
-
Hypothekarbank Lenzburg of
Switzerland ($5 billion in assets) maintains accounts for
blockchain and crypto companies.
-
Falcon Private Bank of Switzerland
($2.9 billion in assets) offers crypto asset management
services.
-
Metropolitan Commercial Bank of the
U.S. ($2 billion in assets) provides services to BitPay and Shift
Card.
-
Silvergate Bank of the U.S. ($1.9
billion in assets) offers banking to crypto companies (Gemini,
bitFlyer, etc.).
-
VersaBank of Canada ($1.7 billion
in assets) provides virtual safety deposit box for
cryptocurrencies.
By: BGN Editorial Staff
News:
Blockchain
Cryptocurrencies
Cryptocurrency
Exchanges
Binance
(BNB)
BitPay
Coinbase
Gemini
Exchange
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