Hasu Says Crypto Banking Race Will Produce Cheaper Services

News / 03.01.2020

A renowned cryptocurrency researcher called Hasu analyzed the cryptocurrency banking race. According to him, the competition among cryptocurrency firms is not the same, and it has led to more accessibility and cheaper financial services.

Every cryptocurrency firm is looking forward to becoming cryptocurrency banks, says Hasu, as well as some contributors on the blog of Deribit. The top factor that will indicate their success is AUM (asset under management), and it will be monetized via financial services.

There will be changes to the competition between cryptocurrency exchanges, wallets, and custodians from the horizontal expansion that involved assets accumulation, to vertical integration, that enables users to do more with available assets, says Hasu. Hasu tweeted about these financial services exhibiting more accessibility and becoming cheaper:

The research by Hasu reveals that the current race is for consolidation and to become the first crypto bank. They are in a hurry to embrace and democratize access to services known from traditional finance:

According to the analyst, there are three low hanging fruits: interest accounts, payments, and tax services. He claims that the features will be a standard offering for spot exchanges in the coming two years.

As interest rates in fiat currencies are becoming zero or negative, crypto interest accounts can turn to an access technology to maintain existing users and bring on new ones. Exchanges and exchanges do not desire the withdrawal of funds by customers and do not want customers to pursue yield themselves, so they will begin to act as a primer broker.

Exchanges will come up with payment networks for the transactions of users. They will enable a merchant to easily receive cryptocurrency and make it easier to spend cryptocurrency as a user. Besides, Visa and MasterCard backed by cryptocurrency may eventually get off.

report says that leading exchanges should announce new features and platforms for the diversification of their services and bring on new customers this year. Besides, within the decade, the leading exchanges could act more like ecosystems, while consolidation in the market will probably point to the existence of only a few big exchanges.

 

Source: Cryptopress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.