Bankchain Briefing: How is crypto adoption impacting incumbents?
- This week, we explore how growing crypto adoption is impacting traditional financial institutions, and how some of them choose to react.
- We also look at the opportunities for financial services in Decentraland.
2021 was a game-changing year for the crypto industry, with record gains in global blockchain funding, investor interest, as well as digital asset ownership among consumers.
The share of US adults who report owning crypto is now roughly equal to those who own a certificate of deposit, according to a report by Morning Consult. Nearly one in four consumers (24%) report household ownership of cryptocurrencies.
2022 is expected to bring continued crypto adoption both by the general public, as well as on an institutional level by companies offering consumers the chance to buy, sell, store or spend cryptocurrencies.
But as adoption grows, how should leaders in traditional financial institutions react? Do they risk becoming irrelevant if they continue watching from the sidelines instead of actively participating in the crypto economy? Should they start educating themselves and their employees on crypto to keep up with consumers’ growing curiosity and interest? And how should they account for the 46 million US consumers who are planning to use crypto to make payments?
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