Since Bitcoin first appeared in 2009, every big investment bank predicted that it would be a failure and that investing in it would be foolish. Big banks are now investing in Bitcoin in order to study and analyze the technology.
Bank of America is the company with the most active patents in the space, as well as the most money invested in Bitcoin. Federated Owners has begun to allow their massive conglomerate clients to use technology. And governments in certain nations, such as Mexico's, have started to experiment with the technology in order to make money transfers safer.
Most financial institutions realize that the conventional way of making profits and investing in properties has shifted, and they are starting to adapt. Just the establishment of a system focused on how technologies can be used would be lacking. Specifically, to protect investments and commerce, as well as to make banking more effective and safe.
It's their moment, and it's past time for major banks to get on board and continue investing in emerging technologies. International banks have made significant technological investments while avoiding the barriers erected by the United States.
The Bank of England has been one of the most influential players in seeing the potential of blockchain technologies. Switzerland has rapidly established itself as a sanctuary for financial technology firms and the safest location to conduct an initial coin offering (ICO).
Banks who do not participate in cryptocurrencies or blockchain will be left behind in the future.
UBS has played an important role in spreading blockchain and cryptocurrency to other global banks and multinational corporations. The deal's aim is to encourage banks to use blockchain instead of paper to encrypt their foreign exchange transactions.
Image Source: https://www.bitira.com/kraken-first-us-crypto-bank/
