{"id":26700,"date":"2021-06-10T13:55:13","date_gmt":"2021-06-10T12:55:13","guid":{"rendered":"https:\/\/www.elixirr.com\/?p=26700"},"modified":"2025-10-30T14:46:25","modified_gmt":"2025-10-30T14:46:25","slug":"banks-cash-in-on-crypto","status":"publish","type":"post","link":"https:\/\/www.elixirr.com\/en-gb\/banks-cash-in-on-crypto\/","title":{"rendered":"Banks, cash in on crypto"},"content":{"rendered":"\n<p>The future of finance is digital. Challenger banks have taken the market by storm: <a href=\"https:\/\/www.starlingbank.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Starling<\/a> and <a href=\"https:\/\/monzo.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Monzo<\/a> now boast over 7 million accounts combined, and US-based <a href=\"https:\/\/current.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Current<\/a> recently closed an <a href=\"https:\/\/a16z.com\/\">A16z<\/a>-led $220m Series D. Non-fungible tokens (<a href=\"https:\/\/www.bbc.co.uk\/news\/technology-56371912\" target=\"_blank\" rel=\"noreferrer noopener\">NFTs<\/a>) are now a staple of public conversation following the eye-watering $69 million sale of <a href=\"https:\/\/www.cbsnews.com\/news\/beeple-nft-60-minutes-plus-2021-06-07\/\" target=\"_blank\" rel=\"noreferrer noopener\">Beeple\u2019s digital masterpiece<\/a>. The cryptocurrency market has reached a $2 trillion high. Combined, these events have paved a one-way road for the future of finance.<\/p>\n\n\n\n<p>Some US banks have started engaging with technology to enable mainstream financial use of digital assets; Goldman Sachs is looking to facilitate digital asset investment from Q4 this year. Despite this, many retail banks are still hesitant to embrace their digital futures: HSBC and NatWest recently announced their reluctance to support customers or clients who buy, sell, or accept payments in cryptocurrency. The industry has a very long way to go to become a competitive player in the fast-evolving digital asset marketplace.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>To secure their future relevance and drive revenue, banks must enter the digital custody space. <\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>Banks must grasp the digital asset opportunity<\/strong><\/strong><\/h2>\n\n\n\n<p>Mainstream banks and financial institutions should be at the forefront of defining how digital asset custody, collateral, securitization, and liquidity can work (see definitions below). With so much more ground to cover in their journey to digital, incumbents need to stop watching from the side-lines and start figuring out how they can put digital assets to work.<\/p>\n\n\n\n<p>The key areas of digital asset opportunity fall into four core themes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Custody:<\/strong> The holding or safekeeping of digital assets on behalf of a customer or investor<\/li>\n\n\n\n<li><strong>Collateral:<\/strong> The pledge of a digital asset by a borrower to a lender to secure the repayment of a loan<\/li>\n\n\n\n<li><strong>Securitization:<\/strong> A tradable financial digital asset which has a market value<\/li>\n\n\n\n<li><strong>Liquidity:<\/strong> Turning digital assets, such as Crypto, into cash<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Custody<\/strong> <\/h2>\n\n\n\n<p>Banks are well-placed to diversify their offerings and safeguard digital assets. They can leverage their market expertise to help minimize risk of loss or theft. Their involvement alone will alleviate concerns about the perceived high risk involved in digital asset management. Heavyweight banks also have access to an established and loyal customer base ready and willing to be supported in their move to digital; not to mention years of experience operating in a highly regulated market.<\/p>\n\n\n\n<p>Digital custodian disruptors such as <a href=\"https:\/\/www.coinbase.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Coinbase<\/a> and <a href=\"https:\/\/keys.casa\/index\" target=\"_blank\" rel=\"noreferrer noopener\">Casa<\/a> (a Bitcoin self-storage startup) boasted a +300% increase in clients and a tripling of revenues in 2020. Partnerships between mainstream banks and these disruptors would mitigate concerns around incumbent, clunky technology systems. It would also guard against the loss of crypto keys, which once lost or stolen cannot be restored.<\/p>\n\n\n\n<p>To secure their future relevance and drive revenue, banks must enter the digital custody space.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Collateral<\/strong><\/h2>\n\n\n\n<p>NFTs, as a key enabler of digital custodianship, are a valuable opportunity. NFTs will transform the world of lending. Due to their non-fungible nature, each NFT token is unique and can therefore be linked to one particular physical or digital asset. Today, mainstream banks and lenders refuse to provide a loan secured by uncommon or digital assets. This could be a rare Pok\u00e9mon card, or the rights to a LeBron James highlight reel. Why do they they refuse? Banks\u2019 inability to accurately value and reappraise the item. NFTs make this dream a reality. NFTs represent ownership of the digital or physical asset; this allows banks to quickly understand the value of an asset and therefore accept it as collateral against a loan.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>If the highly coveted CryptoKitties can attract a $1m valuation, and footage of a LeBron dunk can sell for almost $400,000, imagine the value art, sports content, and digital music NFTs could bring.<\/p>\n<\/blockquote>\n\n\n\n<p>Mainstream banks need to act now to play a formative role in the NFT market. It\u2019s already seeing activity from new entrants such as <a href=\"https:\/\/nftfi.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">NFTfi<\/a> which has loaned almost $3 million using NFTs as collateral. If the highly coveted <a href=\"https:\/\/guide.cryptokitties.co\/guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">CryptoKitties<\/a> can attract a $1m valuation, and footage of a LeBron dunk can sell for almost $400,000, imagine the value digital art, sports content, and digital music NFTs could bring.<\/p>\n\n\n\n<p>NFTs will enable cryptocurrency holders to turn their assets into usable collateral without needing to sell, and banks need to capitalise on this opportunity. NFT\/crypto-backed lending is just the beginning.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Securitization<\/strong><\/h2>\n\n\n\n<p>Beyond the custody of NFTs, mainstream banks can help create new forms of securities through the bundling of NFTs, cryptocurrencies and other digital assets. Banks are better placed than new market entrants to package a set of digital assets in any given industry, work with regulators to establish a framework, and successfully issue them into the marketplace. Banks must pivot to become established marketplaces for digital asset securities. For inspiration, they should look to consortiums like <a href=\"https:\/\/directbooks.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">DirectBooks<\/a>, who are a singular distribution point to manage communications across underwriters and investors for crypto\/NFTs.<\/p>\n\n\n\n<p>Furthermore, <a href=\"https:\/\/www.investopedia.com\/terms\/d\/distributed-ledger-technology-dlt.asp\" target=\"_blank\" rel=\"noreferrer noopener\">distributed ledger (ie: blockchain) technology<\/a> supports smart contracts which provide a permanent audit trail via the immutable blockchain ledger. They also drive fast contract completion and prevent disputes. Looking forward, investors will be able to engage with an asset class (a group of the same or similar financial instruments) which has never previously existed such as digital art, early-stage private businesses and property.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Liquidity<\/strong><\/h2>\n\n\n\n<p>To be brought to the masses, digital assets need to be liquid. As established players in the savings, debit\/checking, loan and cash withdrawal space, mainstream banks can make this happen. This gives banks a significant disruptive advantage in providing customers with the ability to transform their digital assets, such as cryptocurrency, into tangible cash. Banks on an ATM network should leverage their existing infrastructure to provide instantaneous cash withdrawals based on live cryptocurrency market rates; this will empower their 40 million customers to unlock the value of digital assets.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Banks will see most value by becoming enablers of the end-to-end cycling of cash-to-cryptocurrency and cryptocurrency-to-cash; not by fighting it.<\/p>\n<\/blockquote>\n\n\n\n<p>Established peer-to-peer payments provider, <a href=\"https:\/\/www.moneygram.com\/mgo\/gb\/en\/?gclid=CjwKCAjwy42FBhB2EiwAJY0yQn28cmQSx6pKazl44aRdCLJMg_Xu0G8RCQmQ0xOvyTaDOgAsi0cl0hoCyBgQAvD_BwE&amp;gclsrc=aw.ds\" target=\"_blank\" rel=\"noreferrer noopener\">MoneyGram<\/a>, is leading the charge. They recently partnered with <a href=\"https:\/\/coinme.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Coinme<\/a>, one of the largest Bitcoin-to-cash exchanges in the world. This partnership will leverage MoneyGram\u2019s payments platform and Coinme\u2019s crypto exchange to allow customers to bilaterally exchange Bitcoin and cash across thousands of locations in the US.<\/p>\n\n\n\n<p>Ultimately, banks will see most value by becoming enablers of the end-to-end cycling of cash-to-cryptocurrency and cryptocurrency-to-cash; not by fighting it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Define the market <\/strong><\/h2>\n\n\n\n<p>Mentions of \u2018cryptocurrency\u2019 in financial services documents have increased 96% in the last 6 months; mainstream banks should think twice before letting new market entrants monopolise the exponential opportunities in digital custodianship, collateral, and securitization.<\/p>\n\n\n\n<p>By embracing digital assets, banks can lower the risks associated with digital asset management. They can also create a market that is large enough for certain digital asset classes to be truly viable. Mainstream banks\u2019 involvement alone can guarantee the long-term relevance of blockchain-based digital assets. The potential for innovation and growth is astounding. Banks must cash in on this opportunity now.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The future of finance is digital. Challenger banks have taken the market by storm: Starling and Monzo now boast over 7 million accounts combined, and US-based Current recently closed an&hellip;<\/p>\n","protected":false},"author":1,"featured_media":26785,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[116],"tags":[95,206,267,86,129,281],"related_service":[],"related_industry":[42],"class_list":["post-26700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-banking","tag-banks","tag-cryptocurrency","tag-digital","tag-financial-services","tag-nfts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Banks, cash in on crypto - Elixirr<\/title>\n<meta name=\"description\" content=\"Crypto and digital assets aren&#039;t the future: they&#039;re already here. 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11.4974 35.4674 1.68957 23.4141 1.68945Z\" fill=\"currentColor\"\/>\n<path d=\"M19.2841 33.6992C18.9579 33.6986 18.6374 33.6111 18.3543 33.4454C17.7167 33.0759 17.3203 32.3585 17.3203 31.5797V15.8189C17.3203 15.0379 17.7167 14.3227 18.3543 13.9531C18.6442 13.7827 18.9735 13.6951 19.3078 13.6994C19.6421 13.7037 19.9692 13.7998 20.2548 13.9776L33.4237 22.0406C33.6981 22.2166 33.9244 22.461 34.0812 22.751C34.238 23.0409 34.3203 23.3668 34.3203 23.6982C34.3203 24.0295 34.238 24.3555 34.0812 24.6454C33.9244 24.9353 33.6981 25.1798 33.4237 25.3558L20.2527 33.421C19.9604 33.6017 19.6256 33.6979 19.2841 33.6992Z\" fill=\"currentColor\"\/>\n<\/g>\n<\/svg>\n<\/span>            <\/div>\n                        <\/figure>\n        <div class=\"wp-component-card__content edwp-row-load\">\n                                    <p class=\"wp-component-card__eyebrow\">\n                Articles            <\/p>\n                <a href='https:\/\/www.elixirr.com\/en-gb\/banks-cash-in-on-crypto\/' class='wp-component-card__title'>\n            <h2>\n                Banks, cash in on crypto\n            <\/h2>\n        <\/a>                                    <div class=\"wp-component-card__description\">\n                    The future of finance is digital. Challenger banks have taken the market by storm: Starling and Monzo now boast over 7 million accounts combined, and US-based Current recently closed an&hellip;                <\/div>\n                                                    <div class=\"wp-component-card__meta\">\n                                            <p class=\"wp-component-card__date\">\n                            10 June 2021                        <\/p>\n                                                                <div class=\"wp-component-card__terms\">\n                                                                                                                                                    <div class=\"wp-component-tags edwp-component\">\n                        <div class=\"wp-component-tags__tag\">\n                Financial Services            <\/div>\n                <\/div>\n                        <\/div>\n                                    <\/div>\n                                                    <div class=\"wp-component-card__button-wrapper\">\n                    <button class=\"btn btn--link arrow wp-component-card__button\">\n                                                                            Read more                                                                            <span class='edwp-svg '><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g id=\"Lg\">\n<path id=\"Vector\" d=\"M1.12509 9.50162H15.8648L9.43259 3.06941C9.374 3.0113 9.3275 2.94216 9.29576 2.86599C9.26403 2.78981 9.24769 2.70811 9.24769 2.62559C9.24769 2.54307 9.26403 2.46137 9.29576 2.38519C9.3275 2.30902 9.374 2.23988 9.43259 2.18177C9.54971 2.06535 9.70814 2 9.87328 2C10.0384 2 10.1969 2.06535 10.314 2.18177L17.8151 9.6829C17.8737 9.74101 17.9202 9.81014 17.9519 9.88632C17.9837 9.96249 18 10.0442 18 10.1267C18 10.2092 17.9837 10.2909 17.9519 10.3671C17.9202 10.4433 17.8737 10.5124 17.8151 10.5705L10.314 18.0717C10.1975 18.1871 10.0404 18.2522 9.87641 18.2529C9.79414 18.2534 9.71259 18.2376 9.63643 18.2065C9.56027 18.1754 9.491 18.1296 9.43259 18.0717C9.374 18.0135 9.3275 17.9444 9.29576 17.8682C9.26403 17.7921 9.24769 17.7104 9.24769 17.6278C9.24769 17.5453 9.26403 17.4636 9.29576 17.3874C9.3275 17.3113 9.374 17.2421 9.43259 17.184L15.8711 10.7518H1.12509C0.959309 10.7518 0.800312 10.686 0.683084 10.5687C0.565857 10.4515 0.5 10.2925 0.5 10.1267C0.5 9.96093 0.565857 9.80193 0.683084 9.68471C0.800312 9.56748 0.959309 9.50162 1.12509 9.50162Z\" fill=\"#1D0F25\"\/>\n<\/g>\n<\/svg>\n<\/span>                                            <\/button>\n                <\/div>\n                                            <\/div>\n<\/article>\n","_links":{"self":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/26700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/comments?post=26700"}],"version-history":[{"count":2,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/26700\/revisions"}],"predecessor-version":[{"id":58464,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/26700\/revisions\/58464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/media\/26785"}],"wp:attachment":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/media?parent=26700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/categories?post=26700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/tags?post=26700"},{"taxonomy":"related_service","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/related_service?post=26700"},{"taxonomy":"related_industry","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/related_industry?post=26700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}