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It is no secret that the nature of banking is changing. So far, the main driver for this change has been the shift towards digital banking. With that said, however, digital banking in the new economy is now facing an upheaval that could be even bigger than digitalization; in cryptocurrencies, blockchain technology, and decentralization.
As uncertainty around the US dollar mounts, faith in the existing financial legacy infrastructure is dwindling. Specifically, this sees many people now searching for possible alternatives to traditional banks for storing their wealth, and opportunities to borrow and lend capital. What’s more, the advent of decentralized finance (DeFi) promises to be able to potentially bank the unbanked. As such, could the notion of crypto banks be a middle-ground solution between the benefits of cryptocurrencies and the traditional financial ecosystem?
