In the summer, Swiss blockchain investment company CV VC and Swiss accounting and consulting firm PwC partnered with Cointelegraph to produce a detailed report on the top blockchain companies and what they are doing in their various sectors.
The report lists eight distinct categories. On September 9, Cointelegraph held a pre-panel discussing the impact of the blockchain on the art industry – first on the list. While we’re on our way down the list, on September 22, Cointelegraph hosted a second YouTube live panel that talked about brokers and banks sharing the cryptocurrency and blockchain space – the second of eight planned events.
As digital assets continue to be used, banks and traditional intermediaries see the need to adapt to changing circumstances. Additionally, banks and brokerage firms specializing in cryptocurrencies have emerged, creating a period of transition overall.
Commentary on the discussion by four experts in the banking and brokerage sector: Stephen B. The unit responsible for the Asian corporate platform for OSL digital assets, and Mauro Castellini, CEO of Bitcoin Suisse Liechtenstein.
The panel touched upon several points of interest regarding the various aspects of crypto banking and brokerage business. A prominent part of the discussion focused on the world’s changing economic landscape. “We are in roughly two worlds,” Embach said of the current transformation. The co-founder of Sygnum Bank explained the coming days when users will see better access and control over their money.
In the case of conventional banks, as well as banks in the crypto industry, Schwäter mentioned the possibility of offering a range of services in one place. “We aim to be a kind of one-stop shop for customers interested in digital assets,” he said, explaining his definition of the features of cryptocurrency banks. “Not only trade, not just bartering, but also crypto services, lending, warehousing, and investment products.”
The session also discussed traditional banks adapting to the world of digital assets. Casellini explained the importance of getting traditional banks to wet the industry, noting that some of them have already started the process. “The question always arises – are they doing it themselves or collaborating with players like Bitcoin Suisse, OSL, Seba and Sygnum, because they can still focus on traditional banking, but once the race starts, they won’t lose more and more,” he explains.
Chapman noted that there are no banks offering the cryptocurrency. “Likewise, the number of banks that provide direct access to cryptocurrencies to their customers is almost non-existent,” he said. “Fortunately, we are decked out with Ciba and Signum Banks,” he added. “I think historically the banking world has retreated from this space.”
JP Morgan Chase is a good example. The CEO of the traditional banking giant spoke out against the cryptocurrency in 2017. About three years later, that institution entered the room.
The hourly board covered a variety of other topics and issues, including the Kraken cryptocurrency exchange, which received US bank approval, and some questions from a YouTube live audience.