2021 has, so far, been an excellent year for crypto.
While in the past it wasn’t uncommon to see headlines of the likes of “Bitcoin is useless as a payment mechanism and ridiculous as a store of value: ex-Paypal CEO”, this year has seen massive firms like Grayscale, Goldman Sachs, JP Morgan (another fierce critic of BTC) and Paypal itself adopt and promote their cryptocurrency investments.
The currencies’ prices, on the other hand, have played their part by failing to disappoint. One can hardly find a top coin that hasn’t at least doubled its value within the last year, which likely has a lot to do with institutional adoption.
However, for large private investors, there’s still an entry barrier to crypto.
With the NFT craze at full speed, crypto flocking out of exchanges towards institutions’ vaults, and overall positive market sentiment, it’s hard to think that some people are still largely left out of crypto.
For businesses and high net-worth individuals, however, this is still a reality.
Because of challenging regulatory landscapes, unclear definitions and impractical options as opposed to the more transparent panoramas that retail investors and massive institutions face, the investors in this category are often conflicted about whether it is safe for them to invest in cryptocurrencies. EQIBank, a fully-regulated bank that offers over-the-counter (OTC) cryptocurrency deals, points out that unclear laws, a lack of regulated, trustworthy institutions, and few providers for large (but not astronomically large) crypto purchases, among other reasons, can make capable and savvy market players be left on the sidelines.
Banking: a dinosaur finally evolving
By solving issues that have been present ever since Bitcoin made its debut in 2009, solutions like EQIBank seem to be giving banking as an industry a (long overdue) push in the right direction.
It’s not uncommon for banks to be an obstacle, rather than a solution, for people of all kinds. In a world with an ever-growing set of financial instruments benefits one can access, the industry “seems not to have evolved along with the times”, EQIBank’s CEO, Jason Blick, points out. These inefficiencies, he elaborates, make the process “too complex, too expensive and too insecure.
He also adds: “Digital assets continue the drive to adaptation.
Recent moves by Bank of America, JP Morgan and other financial institutions signal that the cryptocurrency landscape is changing fast. The market expects worldwide crypto-friendly banking, which isn’t limited to a select few jurisdictions.
EQIBank is proud to offer our crypto services to licensed and regulated clients from all over the world”
Blick is convinced that EQIBank’s idea of a new, versatile bank is a net-positive for banking in general. The bank hopes that the addition of new services and capabilities into its arsenal will spark its counterparts’ competitive appetite and create an incentive for banks to attempt to satisfy a market with changing needs. To this, Eli Taranto, CBDO of EQIbank, adds:
“Today’s client expects more from their financial institution. We are sure that cryptocurrencies will be a serious contestant among global financial instruments. Our team is deeply embedded in the industry, and we are always striving to provide the latest tools so our clients can prosper – because your bank should know what’s important.”
Pushing regulation forwards
By adopting and adapting to new solutions to re-invent banking, EQIBank expects to help regulation advance and achieve better treatment for those aiming to adopt new technologies.
It’s not hard to imagine the net benefits that the industry, the market, and perhaps innovation itself could see by becoming populated by businesses and high net-worth individuals fully confident of their stance in adopting and purchasing cryptocurrencies.
We recently witnessed Elon Musk’s saga to accept payments in Bitcoin for Tesla, with the serial entrepreneur also declaring that the electric car company would hold into the currency without converting into fiat.
Musk’s decision, however, brought along great scrutiny and excessive regulatory attention that, for those of non-Tesla capital and reach, could represent more than an annoyance.
The law is the law, and successful business owners and individuals know better than to challenge financial policy authorities.
It’s perhaps the Teslas and the EQIBanks of the world that can help open the gates of regulation towards those looking to innovate but not in a position to take a stand and go face-to-face with authorities to spark a change.
In the end, what we all want (if only for the sake of a price increase) is for big businesses and wealthy individuals to get a “fully-regulated and compliant” stamp as easily and quickly as buying a couple of dollars worth of Bitcoin.