Banks Prepare to Launch Bitcoin Trading

As the crypto market surges, so does the constant news cycle scrambling to keep up with daily, groundbreaking developments.

"The pace of change and the threat of disruption creates tremendous opportunities." - Steve Case

Early crypto adopters speculated and prophesied about the disruptive potential of crypto, but as the market, technology, and adoption have evolved exponentially, the future has arrived on our doorstep faster than anyone could have imagined.

This week, crypto custody firm, NYDIG, stated that hundreds of U.S. banks may enable customers to buy, hold and sell Bitcoin through their existing bank accounts in 2021 (CNBC). This was prompted by the outflows of cash banks are seeing into crypto apps and brokerages like Voyager.

Initially, banks were on the sidelines watching to see who would move first. Now, they are all feeling the pressure and racing to introduce their own crypto services to stay competitive.

While banks introducing an easy way for customers to cash in and out of Bitcoin is a massive step in the right direction, it doesn’t address the deeper disruption they are facing.

The Netherlands-based ING Bank stated this week that they see DeFi as being more disruptive than Bitcoin to the financial sector (CoinDesk). Stating, “Although DeFi currently appears to be a domain on its own, we envision that centralised and decentralised financial services will converge at some stage as both have unique capabilities that are beneficial to the other.”

As Ethereum continues to break all-time highs and reach into price discovery, it’s clear that DeFi has established itself as the new wave of finance. Speculations are now running wild as to whether Ethereum could actually flip Bitcoin’s market cap and become the #1 leading cryptocurrency. As of right now, it’s 40% of the way there, so only time will tell.

At Voyager, we’re here for this. We’re here to innovate and stay ahead of the curve. Large financial institutions lack the agility, adaptability, and foresight to see what’s coming and, as a result, end up building for the past, not the now and the future. Voyager is always seeking innovation, which is why we offer industry-leading interest rates on 20+ coins, a trading selection of 10+ DeFi assets, and have plans to introduce staking and more sophisticated DeFi access.

And let’s not forget about DOGE. Without a doubt, the people have spoken. While both comedic and impressive, Dogecoin’s performance is proof that millennials and Gen-Z are all-in on crypto (Disclaimer: Not investment advice. Investments are subject to market risk).

On Saturday, May 8th, everyone will be tuning in to Saturday Night Live to watch Elon Musk guest-host the episode. We can only imagine what DOGE memes he has up his sleeve. Don’t blink, this market is moving fast!