Over the years, we have seen Cryptocurrency remaining at the receiving end. People have slammed it and even tried to refrain from it by putting sanctions and regulations over the digital currency industry. However, as they say, every dog has its day, and so does the case of digital coins. Things changed, and there is a race among different groups to embrace the coin in a big way. Lately, digital currency businesses have mushroomed a lot in the market and in a way, they have even filed their applications to emerging as national bank based chapters. For instance, we have seen the exchanges like Paxos and payment processors like BitPay doing all the magic in this regard. They have applied at the agency to emerge as a reliable bank. We see an initiative from Facebook Inc called Custodian Anchorage, which deals with Cryptocurrency too, applied for the same. They want to serve the clients the way banks are doing. Well, you can explore this topic in detail at sites like bitcoin boom app.
The Business Decision
If you look at any conventional retail bank, we see them making good money through the interest rates on people incurring the loans. They are supposed to stick to a stringent capital reserve which the groups approved like FDIC. We see most of the revenue coming at the traditional banks through the storage of assets and making everyone feel safe against criminals. They collect money in the form of fees for storing their valuable stuff and assets. The other types of banks are now interested in attractive digital currency based trades. One can find low-hanging fruits for these banks in the form of digital currency. Earlier in July, we saw the banking group OCC giving their consent to chartered banks in the US to offer digital currency based customers. They claimed that the consumers are now coming up with more excellent investment advice and desire to make things under control. They do not leave stone unturned to keep the ball rolling.
We see several digital currency based exchanges now acting as guardians to many retail-based investors who are not offering them keys to their clients. Also, the investors on the other side seen over exchanges are seen drawing back their digital coins, collecting them over their private wallets. In other words, they want to keep their control over these assets. Also, several digital currency based companies have filed a different application that will operate over several national trust-based banks. All the banks fail to hold any reserve capital that is worked with the capital mandate initiated by FDIC groups. We now see the NYC based exchanges called Paxos also applying for the same as they intend to work as a bank in the coming days to serve their clients. In a sense, they have even carried out a couple of things acting like banks.
The ever-growing industry
The companies and groups entering the market are seen coming up with a diverse blend and players. These include groups like known companies catering high-end services like FDAs to their small-time players along with the digital currency based industry and stalwarts like Coinbase. Also, there is a demand within the industry that seems to have kept the ball rolling as more and more institutional investors are now wending out their key ways to take a plunge in digital currency investment. Several reports claim that the year has been significant for the digital currency based custody domain. They have felt a good growth of the same considering a good potential about it. Thanks to the way things have evolved in the recent past in the digital currency domain. Despite the issues like hacks and other problems, we have seen a good growth of investment in the digital currency based domain. As we see the digital currency based assets increasing, there seems to be an increase in the opportunity to win profits and gain tremendous results. If you look at their applications, all these digital currency based companies are not leaving any stone unturned to keep the door open for one and all.
With digital currency becoming the epicentre of many things, we see several firms and companies dealing with these coins are keen on changing their roles. We now see good growth in these firms applying to the concerned agency to act like banks.