Expertise to help you reach your goals and maximize the value of your financial data.
April 15, 2022 | 20min read
Fifty-five of the top 100 banks have invested in cryptocurrency or blockchain-related companies, with the largest investment at $380 million. This staggering amount of money gives a glimpse into how financial institutions are getting ahead of the competition surrounding crypto wallets. And, when you consider that nearly 9 in 10 Americans say they have heard at least a little about cryptocurrency, and 16% say they have invested in, traded, or used crypto themselves, you understand why both financial institutions and fintechs would be so invested.
The current crypto scene is all the more impressive in how it thrives, even amidst roadblocks like:
These challenges — along with regulatory needs and expectations on the horizon — undercuts much of the growth and success of crypto wallets. (Keep in mind that 15% of crypto investors and 22% of potential investors don’t trust any institution to regulate cryptocurrency.)
At the top of these roadblocks is addressing how crypto exchanges verify customer
identities and accounts as a core part of Know Your Customer (KYC) and anti-money
laundering procedures. To solve this challenge, MX predicts we’ll see more partnerships created between major exchange and wallet providers and those who specialize in digital account verifications.
If you'd like to learn more about how to solve for current industry challenges in the crypto market, check out MX’s whitepaper, “Pains and Gains of Crypto”.