Cryptocurrencies are slowly penetrating the mainstream, and the latest fintech companies are interested. Neobanks and investment platforms shifted from being skeptical to openly admitting they want a piece of the pie.
In the last few months, nations like El Salvador made Bitcoin a legal tender. At the same time, big banking institutions entered the crypto space. Today, PayPal, CashApp, Square, MoneyLion, N26, and Revolut decided to become involved and keep with the rising demand.
However, this means they can easily take over the job of the exchanges.
Why Did This Happen?
The main reason behind these companies massively joining the crypto world is the change in the methods of investing. New generations entered the industry and they’re well-versed in technology and the online realm.
Naturally, this led to an increased desire to switch the traditional investing approach and focus on other markets.
Additionally, this led to the massive growth of crypto, which got the large corporations and fintech institutions interested.
Even though there’s heavy regulatory scrutiny in the US and globally, several platforms decided to dive in and keep up with the competition.
On the other hand, it seems that crypto exchanges aren’t that worried. Many are already established and know exactly how to cater to the needs of their users.
Those platforms believe that if a customer wants to get involved with crypto, they’ll go to a specialized crypto platform instead of a standard bank with additional crypto services.