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Building Onchain Global Venmo Ft. Sling Money CEO Mike Hudack
Tokenized
The Shift Towards Crypto Integration in Traditional Banking
Speed plays a crucial role in customer acquisition, retention, and the overall efficiency of banking services. Traditional banks are increasingly expressing interest in integrating cryptocurrency services, as evidenced by numerous inquiries from banks seeking partnerships to offer innovative solutions. This trend signifies a recognition of the superiority of new offerings compared to existing systems, with banks looking to replace outdated money transfer services with more efficient alternatives. The emergence of infrastructure for instant transfers and on-chain foreign exchange (FX) is anticipated to revolutionize transactions by significantly reducing costs and improving speed, regardless of transaction size. As banks begin to develop their own stable coins and harness on-chain technology, the market will become more efficient. While banks don't need to be first movers in this space, those that act swiftly to enhance customer services will gain a significant competitive edge. Ultimately, the integration of crypto services in traditional banking is poised to transform business operations for many companies.
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