Bitcoin Global News (BGN)
June 19, 2018 -- ADVFN Crypto NewsWire -- Usually, we think of
banks and Cryptocurrency endeavors as two separate sides of the
same coin. In other words, as an original article by Coin Desk
describes it, crypto projects are often thought of as poison to
traditional banks.
In the case of one particular bank
called, Metropolitan Commercial Bank, crypto projects are
“pioneers,” at least, according to the bank’s CTO, Nick
Rosenberg.
Rosenberg went on to indicate
that MCB is in fact, interested in
studying and testing Crypto and Blockchain related business
solutions that it could eventually implement across its departments
to radically change the way that it works and therefore, that banks
overall, work.
The likelihood of MCB one day
greatly shifting their business practices with the Blockchain
becomes even more logical when the CTO’s further comments are taken
into account.
In particular, it seemed quite
telling when Rosenberg added that the Blockchain presents concepts
that could definitely alter the current way that business is
done.
To add credence to this
possibility, Metropolitan is actually actively signing up
crypto businesses as new clients.
These clients are a diverse group,
which includes everyone from exchanges, to hedge funds and even
individual crypto investors. What MCB and the piece by Coin Desk
makes sure to clarify, however, is that none of this means that the
bank directly touches cryptocurrencies in any way. They are merely
allowing crypto businesses to store their fiat with their services,
at this time.
Even so, MCB has been successful in
its support of crypto businesses and crypto investors, with a
reported $3.4 million in earnings from conversion fees related to
crypto transactions, in the first quarter of this year.
While this might make MCB appear to
be a small fish in a big sea of more successful banks, it is
important, as Coin Desk suggests, to remember that it is only the
equivalent of 1/1000 of JP Morgan.
Regardless of this minuscule size
in comparison to the industry giants, MCB’s non-interest income has
also gone up by 300% during this year’s first quarter and it
continues to climb.
With this rapid growth, it seems
likely that other banks are soon to follow MCB’s example, if they
can shed the industry fear related to Crypto’s
volatility.
By: BGN Editorial Staff
News:
Metropolitan Commercial
Bank
Cryptocurrencies