Traditional banking is losing time. They must switch to cryptocurrency.
Cryptocurrency companies are racing to step into banking in the U.S.
Cryptocurrency companies are stepping into traditional banking in the U.S., powered by the Trump administration's softer regulatory approach. Giants like Ripple, Circle, and Kraken aim to establish a permanent presence in the sector with national bank status and new financial services. These moves signal a greater integration of digital assets into the financial system.
The convergence of digital banking and crypto
Digital banking and crypto are increasingly converging; fintech companies are rapidly turning to growing crypto assets in order to gain U.S. customers. Retail brokerage firm Robinhood generated more than half of its trading revenue from crypto last year and plans to offer some banking services in the fall.
London-based digital bank Revolut aims to obtain a U.S. banking license in the long term. Klarna CEO Sebastian Siemiatkowski plans to transform the consumer credit company into a crypto company. Meanwhile, major banks, including Bank of America, plan to launch their own stablecoins once U.S. regulations are finalized.
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