Banks Are Showing a Growing Interest in Bitcoin Says Elliptic Co-Founder 

News / 17.02.2021

Bitcoin has recently received more than usual attention from several traditional financial institutions, as it has managed to set yet another all-time high, breaking the confines of $50,000.

According to a report by The Telegraph on Wednesday, Tom Robinson, the co-founder of Elliptic, the world’s leading cryptocurrency compliance company, said that his company had witnessed a rapidly growing interest in global banks requesting access to the compliance risk of offering bitcoin services. 

A Wave Of Demand For Bitcoin

He said that he had noticed “a wave of demand from the US in the past two months” by banks seeking to offer bitcoin, with most of them “seriously considering launching some cryptocurrency service.”

Robinson also noted that Asian banks had been at the fore of the inquiry, seeking ways to launch bitcoin services without being exposed to money laundering.

He added that American banks had shown increasing interest in bitcoin-related inquiries in the past two months, with British banks not being open about any plans to join the trend.

A week ago, the oldest bank in America, BNY Mellon, declared its latest plans to hold, transfer and issue cryptocurrencies on behalf of its asset-management clients. 

While this growing interest in bitcoin among global banks may come as a surprise to some people as these banks had been the top critics of the cryptocurrency, the managing director of Guidepost Solutions, Megan Prendergast Millard, feels otherwise. 

She believes that this current trend among banks is entirely normal, seeing that bitcoin is close to experiencing mainstream adoption. She added that it is only logical for banks to begin opening up to cryptocurrencies the same way that crypto exchanges have done to maintain Millennials’ and younger generations’ interests. 

She notes, “Financial institutions are looking to keep their customers, and they need to think about who those people are.”

Mandy Williams joined the crypto space in 2016, and since then she has been learning and writing about cryptocurrencies and blockchain technology.