CEO and founder of Starling Bank, a financial institution based in the UK, Anne Boden considers the current financial system threatened by cryptocurrencies; all while others in the industry are progressively recognizing the benefits of it.
The connection between crypto exchanges and community banks disturbs the existing condition of the economy. “A lot of [crypto] wallets are being connected directly to payment schemes,” noted Boden at the Money 20/20 fintech conference in Amsterdam. “This is a threat to the safety of our payment schemes around the world,” she continued.
The risk of being scammed is one of the dangers Boden preaches about to buyers, as a known crypto opponent. CEO and founder of Straling argues that there has been a lot of scamming with users taking place, noting that “We’re spending far more of our time protecting customers from the scammers than we are trying to promote crypto.”
As far as Anti-Money Laundering (AML) inspections go, Boden believes that cryptocurrency companies are not near enough ready for the bank of Sterling to consider incorporating the currency – when asked on the matter.
Other internationally acknowledged challenger banks such as Revolut and Nubank have opposing perspectives and methods compared to Straling’s bearish views on crypto, whose worth is estimated at $3.1 billion.
Nubank has embraced cryptocurrencies fully and has now integrated the new asset class into its app for all users. Cryptocurrencies have now been completely accepted by Nubank and it is now available to all customers through its app.
Cryptocurrencies are now an important part of other well known trading apps’ stock holdings, such as SoFi and Robinhood who seem to be very keen on the industry.