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Not all Banks are against Cryptocurrencies

June 19, 2018

 

 

Usually, we think of banks and Cryptocurrency endeavors as two separate sides of the same coin. In other words, as an original article by Coin Desk describes it, crypto projects are often thought of as poison to traditional banks.

 

In the case of one particular bank called, Metropolitan Commercial Bank, crypto projects are “pioneers,” at least, according to the bank’s CTO, Nick Rosenberg.

 

Rosenberg went on to indicate that MCB is in fact, interested in studying and testing Crypto and Blockchain related business solutions that it could eventually implement across its departments to radically change the way that it works and therefore, that banks overall, work.

 

The likelihood of MCB one day greatly shifting their business practices with the Blockchain becomes even more logical when the CTO’s further comments are taken into account.

 

 In particular, it seemed quite telling when Rosenberg added that the Blockchain presents concepts that could definitely alter the current way that business is done.

 

To add credence to this possibility, Metropolitan is actually actively  signing up crypto businesses as new clients.

 

These clients are a diverse group, which includes everyone from exchanges, to hedge funds and even individual crypto investors. What MCB and the piece by Coin Desk makes sure to clarify, however, is that none of this means that the bank directly touches cryptocurrencies in any way. They are merely allowing crypto businesses to store their fiat with their services, at this time.

 

Even so, MCB has been successful in its support of crypto businesses and crypto investors, with a reported $3.4 million in earnings from conversion fees related to crypto transactions, in the first quarter of this year.

 

While this might make MCB appear to be a small fish in a big sea of more successful banks, it is important, as Coin Desk suggests, to remember that it is only the equivalent of 1/1000 of JP Morgan.

 

Regardless of this minuscule size in comparison to the industry giants, MCB’s non-interest income has also gone up by 300% during this year’s first quarter and it continues to climb.

 

With this rapid growth, it seems likely that other banks are soon to follow MCB’s example, if they can shed the industry fear related to Crypto’s volatility.

 

 

 

By: BGN Editorial Staff

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