Independent Banker - July 2021 - 36

PORTFOLIO
◎FOCUS CRYPTOCURRENCY
Is cryptocurrency
going mainstream?
Beyond all the hype, cryptocurrency has unequivocally gained a
loyal following, and mainstream financial players are taking notice.
Is it time community banks got involved in crypto? One community
bank has found its entry to the market. By Colleen Morrison
nce a fringe payments solution,
cryptocurrency is finding its way
inside traditional financial services.
A series of announcements
demonstrate how industry veterans
have jumped on the cryptocurrency
bandwagon. In late 2020, JPMorgan
launched its Onyx blockchain
business division and promoted its
first live commercial transactions
of its cryptocurrency, JPM Coin.
Then, in the first quarter of this
year, Visa announced that it had
enabled cryptocurrency in 70 million
stores and made a prediction that
cryptocurrency will be " extremely
mainstream " within five years. Even
the Office of the Comptroller of the
Currency (OCC) has signaled a more
progressive stance on the technology,
naming Anchorage Digital Bank the
country's first federally chartered
digital asset bank.
O
Beyond this headline hype, studies
show that demand for the technology
extends into the marketplace, with
consumers indicating a growing
preference for cryptocurrency
solutions. Surveys estimating the
number of Americans who own
cryptocurrency vary greatly, but
it's clear that tens of millions of
Americans have entered the crypto
market. Worldwide, more than
100 million people own some form of
cryptocurrency, according to a recent
survey from Crypto.com.
Quontic Bank's crypto product
Yet, cryptocurrency has been around
for more than a decade with limited
traction, leaving community banks
wondering exactly what is driving this
recent swarm of activity.
" There are a lot of factors at play
[such as] the greater interest and drive
toward digital solutions in the wake of
the pandemic, " says Brian Laverdure,
ICBA's vice president of payments
and technology policy. " Actors from
36 Q ICBA Independent Banker Q July 2021
Photo by Pixel Stories/Stocksy

http://www.Crypto.com

Independent Banker - July 2021

Table of Contents for the Digital Edition of Independent Banker - July 2021

Table of Contents
Independent Banker - July 2021 - Cover1
Independent Banker - July 2021 - Cover2
Independent Banker - July 2021 - Table of Contents
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