The Real Crypto Revolution Is Here!
Editor’s Note: Have you seen what’s going on in the cryptocurrency market? The action has been crazy recently.
And the team over at Manward Press has been watching it like a hawk. That’s why we’ve asked Andy Snyder, Manward’s founder and crypto expert, to share his thoughts on what’s really happening.
Keep reading for Andy’s insights!
– Kaitlyn Hopkins, Assistant Managing Editor
Crypto is having its moment… again.
The money world is celebrating the recent news from El Salvador. The country now recognizes Bitcoin as real money… good everywhere sales are made.
But it’s not the biggest story.
The real revolution is happening right here at home.
And it’s huge.
All year, I’ve been telling my readers to watch for a major shift in the way digital money is traded and owned. Historically, it’s been an odd practice. Some coins are traded here… Others can be had only there. You might need a digital wallet… or maybe not.
I’ve said that if crypto were to go mainstream, that complexity would need to be fixed.
And whoever leads the charge will get rich.
That day is here.
It’s not getting much press, but the folks behind family-owned Vast Bank just did something big.
They unveiled a program that allows the bank’s customers to purchase crypto directly from their checking accounts – which are insured by the Federal Deposit Insurance Corporation (FDIC).
It means the market is opening to an entirely new crowd… the huge crowd of folks who are interested in crypto but aren’t so sure about the technological hoops.
Straight from the CEO of Vast Bank, Brad Scrivner…
There’s lots of different customers out there that may want to control everything and have their own wallet, their own passcodes, and then there are those who are crypto curious and may prefer to work with a bank or an intermediary, just because they don’t quite understand.
There are two reasons this move represents the start of the next generation of crypto investing.
The first is the most obvious. Some 60% of folks surveyed said they are interested in the concept of digital money and the idea of decentralized finance. But, again, many are too timid to get in.
As Vast leads the way for more banks to make such offerings, those barriers will crumble.
The 60% will have their chance… and their experiences will likely attract the other 40%.
Bigger yet is the regulatory side of all this.
Banks, as you know, have a lot of keepers. There’s an alphabet soup of regulators that supposedly keep the industry from going off the rails. There’s the FDIC, FRS, OTS, SEC and OCC, to name just a few.
Scrivner and his bank went toe-to-toe with at least two of them – the Office of the Comptroller of the Currency and the Federal Reserve.
I’ve bitten my tongue as I’ve said it several times before… but in order for crypto to go mainstream it’s going to have to get at least a wink and a nod from the regulators.
In this case, Vast Bank got even more than that. It got full-on approval.
That’s critical. It brings crypto close enough to the regulatory space that it gains some familiarity but not so close that it breeds contempt.
Who’s Making Money
My first question upon learning the news was this: Who else is behind it? After all, Vast Bank is simply the front for the activity. It hosts the accounts. Somebody else must be making the transactions.
Coinbase is providing the market with data feeds and order routing. SAP is providing all the critical digital connections between the bank, its customers and the crypto market.
It’s proof that the industry is not only coming together but also maturing in a very healthy way.
Coinbase is no longer a half-cocked way to speculate on the price of digital money. It is now working to form the backbone of the digital economy.
This is big news.
More banks will offer similar services by the end of the year. They have to. Customers are demanding it.
We’re watching the next generation of this opportunity unfold.
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