Bitcoin in Brief Thursday: Main Street Adopts Bitcoin Ahead of Wall Street
In today’s edition of Bitcoin in Brief we feature stories that show how fast and nimble banks that support cryptocurrency-based businesses are benefiting at the expense of the larger players that have yet to enter the market, how more financial institutions want to join and how crypto ventures are making it easier for them.
Also Read: Indian Government Considering 18% Retroactive Tax on Crypto Trading, Mining
Small Banks Love Bitcoin
With major US banks too afraid to serve all American bitcoin users and businesses, smaller banks are picking up the slack and making a fortune doing so. New York-based Metropolitan Bank for example was able to build up deposits from crypto business without building costly new branches, and more than triple yearly fee income in 2017, largely from crypto transactions.
And San Diego-based Silvergate Bank nearly doubled its assets to $1.9 billion in 2017, mainly because of 250 cryptocurrency-related businesses the privately-held company now serves. Silvergate Chief Executive Alan Lane told to the Wall Street Journal that 'At what point as a banker do you pull your head out of the sand' Every banker should be learning about the technology.'
Deutsche Bцrse 'Deep at Work' With Bitcoin
'Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn't the easiest thing to do,' explained Tessler. 'We are deep at work with it,' however, 'not at the same stage' [as the CME]. 'We want to understand the volatility and make sure clients are in line and make sure regulators are in line.'
Huobi Pro Launches Crypto Market Index
'The goal here is to provide a complete and organized tool which will help enhance the overall knowledge of the blockchain industry. We are committed to bringing more insights and data so key stakeholders can make the most knowledgeable decisions when it comes to their investments,' said Leon Li, founder and CEO of Huobi Group.
US Megabanks Less Safe Than Crypto'
'With this rule change, the authorities will make it easier for megabanks to take big risks with other people's money. But they are making the change precisely when global debt levels imply record risks,' the authors argue. 'In the future, cryptocurrencies will do such a fundamentally better job as a safe depository of funds it's difficult to envision a world in which this technology does not become a game-changer for money and banking.'
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