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All banks must become a crypto bank by the end of 2022

Nathan McCauley, CEO of Anchorage Digital, believes that all financial institutions will need to operate in the cryptocurrency market.

Nathan McCauley, co-founder and CEO of Anchorage Digital, the first bank authorized in the United States to trade digital assets (in January of this year) assured that by the end of next year all financial institutions will be forced to become “crypto banks”.

The rally in the price of bitcoin (BTC) since the end of last year was mainly due to the growth of institutional adoption and the rapid and massive entry of the cryptocurrency into the global financial system. The strategies of large companies and the demands of small investors put pressure on banks every day to modernize their structures and innovate their systems, offering greater possibilities in the crypto market. That path will be the one that takes BTC “to the moon.”

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According to McCauley, any bank that listens to the demands of its clients and also looks out for its own interests will avoid being left out of the crypto market. Many have already done so, and it is a matter of time before it ceases to be a surprise.

“I think that by the end of 2022 all banks will need to become a crypto bank, because quite a few will have adopted. It is very likely that the branch of your local bank, whether it is a credit union or a large banking conglomerate, offers some type of crypto investment product,” said the businessman in statements shared by Market Watch.

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On the other hand, McCauley emphasized the importance of the US government moving forward with regulatory frameworks that allow banks and companies to act with greater freedom in the market. “And as long as they put the right controls in place, work with the right partners, they can develop services of that nature,” he added.

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