Independent Banker - December 2017 - 47
Bitcoin isn't the only virtual currency on the block
anymore. Newer players like ether and litecoin
are arriving all the time. We ask how soon they will
become the new normal-and whether there are
opportunities for community banks to cash in.
By Cheryl Winokur Munk
A
s virtual currencies gain traction
worldwide, many US banks are still
on the fence, but industry watchers
predict it's only a matter of time
before the trend takes hold.
They believe virtual currencies like bitcoin
(the most widely adopted digital currency
today) are the wave of the future and are poised
to overtake cash as the payment method of
choice. Some banks have already started to
dabble in the virtual currency space, and consumer
interest is beginning to pick up.
" There is a growing number of really cool
ways to pay, " says Pam Brodsack, senior vice
president of development for CO-OP Financial
Services, a provider of payments and financial
technology to credit unions. " While the eventual
winner or winners of the digital-payment
race jockey for position, consumers will be
along for the ride. They'll want their trusted
financial institutions to help them stay safe
while test-driving some of these hot-rod payment
vehicles. "
To be sure, many banks are still testing the
waters with respect to virtual currencies-
and many are hesitant to dive in too deep.
For instance, Jamie Dimon, chief executive
and president of JPMorgan Chase & Co., has
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Independent Banker - December 2017
Table of Contents for the Digital Edition of Independent Banker - December 2017
Table of Contents
Independent Banker - December 2017 - Intro
Independent Banker - December 2017 - Cover1
Independent Banker - December 2017 - Cover2
Independent Banker - December 2017 - Table of Contents
Independent Banker - December 2017 - 2
Independent Banker - December 2017 - 3
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