Chief Executive Officer of crypto exchange Binance US branch, Catherine Coley, explained that businesses who adopt cryptocurrency may find it easier going forward in this pandemic period.
During an interview with Tracy Alloway and Joe Weisenthal on Bloomberg, she said cryptocurrencies can offer “uses beyond speculation” as investors can apply cryptocurrencies in real-world scenarios like driving new businesses and engaging in e-commerce transactions. She pointed out that startups that do not think about integrating digital assets into their systems will be ignorantly going about their business, particularly in the precarious period.
She also revealed that firms should learn a lot of lessons from cryptocurrency, as it has made conversations about money more accessible to professionals in the mainstream sector as well as more digestible for everyone. She also said crypto has made a lot of people stay off the streets, including her. There are loads of benefits to gain from the cryptocurrency and its industry. Although it is still underestimated, cryptocurrency has a huge role to play in the mainstream finance sector, she pointed out.
Coley has been serving as the chief executive officer of Binance US since last year. In August the exchange revealed that it has been granted full regulatory permissions to expand operations to Georgia, Alabama, and Florida. With the new legislation, the crypto exchange can make it easier for all crypto traders to enter the U.S. market by next year.
Bridging the gap between fiat and cryptocurrencies
Many market observers are taking Coley’s stance on the benefits of cryptocurrencies in the traditional finance market. The development of digital technology is moving at a high pace, prompting some crypto experts to believe cryptocurrency will become highly relevant in finance in the next few years. This is because there are several positive signs of transactions involving cryptocurrencies that are not seen with the Fiat currency. Apart from transaction efficiency, there is another benefit that cryptocurrencies will usher in more financial participation for everyone.
Coley is bemused that some companies are still skeptical about integrating cryptocurrencies into their platform even after seeing the immediate and future benefits of digital currencies.
Fintech companies should tap into cryptocurrency growth
The fintech project started some decades ago when the first credit payment credit card rolled out its services. And the invention of self-service devices, ATMs, and banks started moving the financial industry forward.
The financial sector has been affected by a series of innovations at different stages. Right now, cryptocurrency and Bitcoin is the rave of the moment. While some fintech firms are trying to work their way to integrate the digital currency, others are still backing out, fearing regulation concerns.
People lost confidence in the classical financial system after the 2008 global financial crises. Coincidentally, digital currencies were introduced at that period, which is quite different from the Fiat currency. Several experts have predicted that fintech companies who will take advantage of the present benefits of the cryptocurrency will reap the reward in the future, as the world changes its financial and monetary course.
It is ignorant not to embrace crypto at this time, says Binance U.S. CEO