Hasu Talks about The Cryptocurrency Banking Race’s Effect on Services
Hasu, a renowned crypto researcher, recently analyzed the cryptocurrency banking race. He says that competition among cryptocurrency firms is not similar and has led to more accessibility and cheaper financial services.
Cryptocurrency firms are looking forward to becoming cryptocurrency banks, says Hasu. Asset Under Management AUM is the top factor that will indicate a crypto firm’s success and get monetized through financial services.
There are expected changes to the competition between cryptocurrency exchanges, wallets, and custodians from the horizontal expansion, which involves asset accumulation and vertical integration, enabling users to do more with the available assets, says Hasu.
In another report, leading exchanges should announce new features and platforms to diversify their services and bring on new customers this year. Additionally, 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.
Hasu’s Research on Crypto Banking Race
Hasu’s research indicates that the current race is for consolidation and to become the first crypto bank. They are in a rush to embrace and democratize access to services known from traditional finance. Hasu says 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 become zero or negative, crypto interest accounts can access technology to maintain existing users and bring new ones. Exchanges do not desire the withdrawal of funds by customers and do not want customers to pursue yield themselves, so they will start to act as a prime broker.
Exchanges will create payment networks for the transaction of users. They will enable a merchant to easily receive cryptocurrency and make it easier to spend it as a user. Additionally, cryptocurrency-backed Visa and Mastercard may eventually get off.