By August 30, 2022 (Investorideas.com Newswire) According to data from CryptoMonday.de, DeFi would rank the 31st bank in America by asset under management despite the recent slump in crypto.
Speaking on the data, CryptoMonday.de CEO Jonathan Merry said. ” World bank statistics show that more than 1.7B people lack bank accounts. The existing banking system is not only inefficient but also exclusionary. With DeFi, there is an opportunity to provide financial services to anyone with an internet connection. This is a game-changer for underserved communities around the world.”
Growing Institutional Enthusiasm for Crypto Assets
More institutions are searching for ways to increase their exposure to the fast-developing DeFi sector.
For instance, FIS, a $62 billion fintech firm that offers wealth management and payment services, recently partnered with Fireblocks to give its capital market clients full access to DeFi services. Besides, JPMorgan Chase announced it would offer crypto custody services for its clients in February. The move was seen as a significant endorsement of digital assets by a leading financial institution.
Bringing in the Next Sweep of DeFi Users
DeFi would rank much higher on the list of America’s biggest banks by assets under management with the influx of new users. This would help to bring the next wave of users into the industry and spur even more growth.
Meanwhile, clients of conventional banks are requesting more access to DeFi. This is because they are becoming more aware of the benefits that come with using decentralized protocols. However, it remains to be seen how long it would take for these requests to turn into full-fledged adoption.
With the institutional money flowing into the space, it is only a matter of time before DeFi starts to rank among the biggest banks in America by assets under management. This would help bring even more legitimacy to the industry and spur growth. Full story and statistics can be found here: DeFi Would Rank 31st Bank in America by Assets Under Management
More Info:
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
