bitcoin The integration of banks in the cryptographic world.

[Amiami 1362]

What is the purpose of this?

Lately the services that are considered as centralized within the economy, are being integrated into the world of cryptocurrencies, this can be seen on by the commercial associations that banks like Santander of Spain or the system of remittances MoneyGram have done with Ripple labs, the organization in charge of XRP or with the recent and controversial launch of the cryptocurrency purchase and sale service offered by Paypal.

 

This is joined by the recent announcement issued by another Spanish giant, the brand or Bank BBVA, will officially launch a service for the purchase, sale and safekeeping of cryptocurrencies, the stipulated date for this event is January 21, 2021, this launch It is intended to provide a legal medium for those who trade cryptocurrencies.

 

And it will be available in all its headquarters in Europe, soon it will be seen in Latin America where it would be the first bank with a cryptocurrency account on the continent.

 

Why is this migration happening?

Is this a movement similar to Fomo, in cryptocurrencies? A competition of who will capitalize more cryptocurrencies is approaching among the bankers?

 

Leave your opion!

@Ridam, @Raqeebzy, @Froshk 

What do you think of the movements that different organizations or banks are making?

Source: CoinDesk

[reta213 766]

Evolution always occurs in the world of cryptography and causes a stir in many countries. My opinion is that bank banks will benefit from this movement by making it legal and helping people who trade these currencies.

[Froshk 1828]

12 hours ago, Amiami said:

Why is this migration happening?

Is this a movement similar to Fomo, in cryptocurrencies? A competition of who will capitalize more cryptocurrencies is approaching among the bankers?

Well I pray these little encroachment by commercial and centralized financial entities will not compromise the progress and development of cryptocurrencies, 

Also it's definitely the fear of missing out(FOMO) That's actually pushing them into adopting services that would otherwise be provided by full fetched cryptocurrencies organizations. 

[Ridam 7455]

This year the Binanace reported profit from Trading for 2020 is around 1B and in my opinion it's one of the major reason Banks are jumping to adopt for the Crypto currencies services. The don't want to miss this opportunity to be part of that profit by offering the related services.

Also some Swiss Banks, Jp Morgan have adopted the Crypto service and it's becoming the example for other Banks to jump for Crypto related services. Anyway, I feel good that all those banks who were negative to the Crypto market previously are coming one by one to Crypto market.

[Frodler 943]

12 minutes ago, Ridam said:

This year the Binanace reported profit from Trading for 2020 is around 1B and in my opinion it's one of the major reason Banks are jumping to adopt for the Crypto currencies services. The don't want to miss this opportunity to be part of that profit by offering the related services.

Offcourse any organization would want to make these massive amount of profit, 1B dollars is enough to turn commercial banks to start looking into integrating cryptocurrencies into there services 

[Raqeebzy 6456]

Just FOMO. It is hard to notice anything else. Same situation applies to recent PayPal bitcoin integration. 

This is a new trend I noticed when the biggest financial institution in the USA - JP Morgan chase Bank decided to accept trading in crypto. Who would want to miss out on the chance to be part of the future of currencies?.

This coupled with the economic effect of the world pandemic plays some tangible role. 

[1qDan 478]

This could be defined as the FOMO of bankers, as you mentioned, both European and Western banks are beginning to bet on platforms that support cryptocurrencies in search of capitalizing them, a clear example is PayPal, they really needed to adopt bitcoin and other currencies? No, they just see money and want their share of the pie.

[guatazoo 7150]

14 hours ago, reta213 said:

Evolution always occurs in the world of cryptography and causes a stir in many countries. My opinion is that bank banks will benefit from this movement by making it legal and helping people who trade these currencies.

Sure if all banks will show their best efforts in cryptocurrencies this will make cryptocurrencies be more worth and there is how people will start to believe in cryptocurrencies. 

[Ridam 7455]

3 hours ago, Frodler said:

Offcourse any organization would want to make these massive amount of profit, 1B dollars is enough to turn commercial banks to start looking into integrating cryptocurrencies into there services 

Exactly bro, Financial institution are mean to take profit providing Financial service and Crypto is like boon for them at the current situation.

Just Take a example for Visa they have partnered with USDC. And using Crypto transaction they are going to save millions of fee for transaction.

And many institution like MicroStrategy are coming into the Bitcoin because of the inflation of USD. Overall Crypto currency and Blockchain has the solution for every problem related to finance in my view 😊.

[Amiami 1362]

7 hours ago, Ridam said:

This year the Binanace reported profit from Trading for 2020 is around 1B

@Ridam A sum that is undoubtedly impressive, I was unaware of Binance's earnings, so much money not counting the fact that it has two cryptocurrencies the BUSD and BNB, which grew 40% this year, had not taken into account the earnings index  of the exchanges, good data, I will add it to the topic!

 

4 hours ago, 1qDan said:

PayPal, they really needed to adopt bitcoin and other currencies? No, they just see money and want their share of the pie.

@1qDan Of course, money moves the world and PayPal with its infrastructure would not miss the opportunity to take advantage of such a profitable business.

[Abuhassan 89]

7 hours ago, Ridam said:

This year the Binanace reported profit from Trading for 2020 is around 1B and in my opinion it's one of the major reason Banks are jumping to adopt for the Crypto currencies services. The don't want to miss this opportunity to be part of that profit by offering the related services.

Also some Swiss Banks, Jp Morgan have adopted the Crypto service and it's becoming the example for other Banks to jump for Crypto related services. Anyway, I feel good that all those banks who were negative to the Crypto market previously are coming one by one to Crypto market.

You are right, @Ridam today's banks want to sieze the opportunity derived from crypto currency just as the way you mentioned that within a year binance exchange platform earn 1B dollar in profit through trading this amount is incredible I assured you in the next decade almost all banking system will adopt crypto currency.

[abd1992 960]

On 12/8/2020 at 8:12 PM, Amiami said:

What is the purpose of this?

Lately the services that are considered as centralized within the economy, are being integrated into the world of cryptocurrencies, this can be seen on by the commercial associations that banks like Santander of Spain or the system of remittances MoneyGram have done with Ripple labs, the organization in charge of XRP or with the recent and controversial launch of the cryptocurrency purchase and sale service offered by Paypal.

 

This is joined by the recent announcement issued by another Spanish giant, the brand or Bank BBVA, will officially launch a service for the purchase, sale and safekeeping of cryptocurrencies, the stipulated date for this event is January 21, 2021, this launch It is intended to provide a legal medium for those who trade cryptocurrencies.

 

And it will be available in all its headquarters in Europe, soon it will be seen in Latin America where it would be the first bank with a cryptocurrency account on the continent.

 

Why is this migration happening?

Is this a movement similar to Fomo, in cryptocurrencies? A competition of who will capitalize more cryptocurrencies is approaching among the bankers?

 

Leave your opion!

@Ridam, @Raqeebzy, @Froshk 

What do you think of the movements that different organizations or banks are making?

Source: CoinDesk

This is really good for currencies in general. It seems that the trend in general is for the large adoption of digital currencies as a substitute for local currencies

[Ridam 7455]

13 hours ago, Amiami said:

@Ridam A sum that is undoubtedly impressive, I was unaware of Binance's earnings, so much money not counting the fact that it has two cryptocurrencies the BUSD and BNB, which grew 40% this year, had not taken into account the earnings index  of the exchanges, good data, I will add it to the topic!

Binanace has huge number of products at this time not only BUSd and BNB. Product ranging from Crypto wallet to own eth killer chain i.e.Binance Smart Chain. Binanace seems to be giants in the Crypto market and has many other Projects like CMC under their roof.

And Asa whole it's being a source of inspiration for the traditional financial services and they are keeping their eye on Binance.

[rekter 8129]

Migration hasn't really happened yet, this is all testing phase where banks are studying several different blokchains and if they can be a platform for their CBDC. This isn't a new thing, they have been looking into this for a while now.

 

Moving digital fiat to blockchain has some obstacles that haven't yet been even solved. And when they solve them, it will be so cutting edge tech that it will take time to prove it's safe. So i am not seeing that happening in this bull cycle. There will be some experiments on it in a smaller scale but that's about it.

[talo122 735]

Banks are begining to relize the True value of crypto currenceies, thats why now we are seing many banks are starting to deal with bitcoin, with the increasing use of crypto, banks want to Offer to their celints these services in order to keep them from going to other banks that supporting crypto. 

[Serbberq 724]

I believe it will be great for banks to be integrated to cryptography, which banks will allow cryptocurrency to be store in our accounts. And that will help coins to be store in our personal accounts. 

[Amiami 1362]

20 hours ago, rockmiss said:

currency. Banks like Bank of America

@rockmiss He was unaware that BOFA (Bank of America) maintained relationships with ripple developers, i thought that in the United States only Citi Bank and J.P had interests in ripple and cryptocurrencies in general, an interesting fact, definitely ripple labs has abysmal potential.

 

The day that a Blockchain is fully integrated into all the bank's systems, I will be very happy..

[abdullah553 1981]

On 12/8/2020 at 8:12 PM, Amiami said:

What is the purpose of this?

Lately the services that are considered as centralized within the economy, are being integrated into the world of cryptocurrencies, this can be seen on by the commercial associations that banks like Santander of Spain or the system of remittances MoneyGram have done with Ripple labs, the organization in charge of XRP or with the recent and controversial launch of the cryptocurrency purchase and sale service offered by Paypal.

 

This is joined by the recent announcement issued by another Spanish giant, the brand or Bank BBVA, will officially launch a service for the purchase, sale and safekeeping of cryptocurrencies, the stipulated date for this event is January 21, 2021, this launch It is intended to provide a legal medium for those who trade cryptocurrencies.

 

And it will be available in all its headquarters in Europe, soon it will be seen in Latin America where it would be the first bank with a cryptocurrency account on the continent.

 

Why is this migration happening?

Is this a movement similar to Fomo, in cryptocurrencies? A competition of who will capitalize more cryptocurrencies is approaching among the bankers?

 

Leave your opion!

@Ridam, @Raqeebzy, @Froshk 

What do you think of the movements that different organizations or banks are making?

Source: CoinDesk

I think that establishing an actual bank for digital currencies will be a quantum leap in the world of crypto that the bank will help many people to get more safety.

[pablomarwan 3082]

We see two directions for these new projects. The first is that it tries to open the way for its customers to trade in cryptocurrencies safely, meaning that they are dealing with a reliable company that has years of experience in the market. On the other hand, we see that the majority of companies are trying to race to monopolize the market. This contributes to raising the price of currencies and at the same time constrains customers who do not have an opportunity to buy. Unless they deal with them. Let us not forget that some platforms raise hopes when buying and reduce the value a little in selling, and those fees at the same time are profit.

[Amiami 1362]

18 hours ago, pablomarwan said:

We see two directions for these new projects. The first is that it tries to open the way for its customers to trade in cryptocurrencies safely, meaning that they are dealing with a reliable company that has years of experience in the market. On the other hand, we see that the majority of companies are trying to race to monopolize the market. This contributes to raising the price of currencies and at the same time constrains customers who do not have an opportunity to buy. Unless they deal with them. Let us not forget that some platforms raise hopes when buying and reduce the value a little in selling, and those fees at the same time are profit.

@pablomarwan  It is a good perspective on the subject, we have already seen outside the world of cryptocurrencies, how companies compete to capitalize on certain markets or resources, do you think this is possible within the decentralized system of cryptocurrencies?

 

An example of a one company that let's say, accounts for a large part of a market associated with the cryptographic world is Bitmain, the main distributors and marketers of AntMiners.

[Frodler 943]

It's clearly just the fear of missing out, and I think it's better that they are beginning these integration because later might be too late

[bogdanoff 3173]

The banks have seen the money  that grayscale is making and the rest regulated futures markets that Bitcoin is traded and want to have a part in it. They made surveys and found most people want to invest, so they will open their offices for crypto investments. It is all about the profit. Since this becomes regulated they will start immediately.

[annayks 2314]

Looking at the XRP chart is another bad move this coin did, as it was only pumped for a few days and an airdrop and now everyone is moving back to Bitcoin again. As I see XRP it is under total control of Ripple and an infinite ICO, exactly as the charges against them are. Holding 50 billion tokens after so many years and selling a hundred million each month is their plan. This is not a good investment, sorry.

[yonkii 3205]

I see many banks making official statements that are very bullish on Bitcoin. I haven't seen them talking about other cryptocurrencies though. It will be that they will use a variety though as there is demand. If there is no demand they will stay with Bitcoin that has the most.

[Hanbal 359]

Countries whom have officially legalise cryptocurrency , thier banks have started to integrate cryptocurrency in their system because they observe that customers are running towards cryptocurrency this pictures that cryptocurrency will be the future currency.