Daily Tearsheet: What’s preventing crypto from going mainstream, and Ripple’s Brooks Entwistle on crypto-first future
- Liquidity, particularly in tough times, is what will help crypto get from here to there.
- Also, TD Bank is getting into BNPL + BoA's virtual accounts for international firms.
Tearsheet provides daily summaries of the top news stories and events, like this piece, in a nifty, neat, nicely-packaged daily email. Stay informed. Subscribe here.
'The deeper the liquidity pools, the more quickly we can get to value in crypto': Ripple's Brooks Entwistle
Even though institutions are taking an interest in crypto, the financial services industry is far from mainstream adoption. What would it take to make it happen? Or is the mainstream adoption of crypto still a decade away?
Much of the growing pains the digital asset industry is dealing now with are part of the industry maturing and building for the long run.
However, before mass adoption becomes reality, the crypto industry must address specific stumbling blocks to provide people with the security they are in quest of.
Speaking at Tearsheet’s inaugural Bankchain Conference 2022, Brooks Entwistle, who is SVP of global customer success and managing director for APAC and MENA at Ripple, explained how liquidity is one of the crucial factors to determine the health of a market. Low liquidity levels make it difficult to execute trades without causing a significant impact on price -- this is where companies like Ripple operate.
Just look at the charts
1. The future of payments is open
|2. The fintech gender gap|
TD cardholders get BNPL
TD Bank is launching TD Payment Plans, a new credit card feature available to eligible TD cardholders with EasyWeb online banking. Customers can make qualifying purchases of $100 or more into equalized monthly payments, with 6,12, or 18-month term options (Finextra)
BofA expands cash management tool to US clients
Bank of America is rolling out a new cash management tool to U.S.-based clients, in a bid to gain market share in the $300 billion cash management business for multi-national corporations (Reuters)
C2FO debuts CashFlow+ Card to expedite invoice payments
C2FO, a platform for working capital, announced the launch of the C2FO CashFlow+ Card, a new option that enables businesses to accelerate invoice payment without the discount typically required in exchange for early payment (PYMNTS)
Crypto winter descended on the industry just before Consensus 2022
Just a few weeks before 20,000 people descended on Austin, Texas, for CoinDesk’s annual festival, the terraUSD stablecoin collapsed, wiping over $80 billion from the total crypto market cap and triggering a wave of sell-offs (CoinDesk)
Stay ahead of the game with Outlier -- Tearsheet’s exclusive members-only content program and join the leading financial services and fintech innovators reading us every day.