We've been talking about the fact that Money is Morphing for years. We've known that the fringe movement of cryptocurrency would become mainstream and the negotiation of the first COVID-19 stimulus package changed the question from if the US will adopt a digital dollar to when.
This week's announcement that Banks in US Can Now Offer Crypto Custody Services turned the competitive landscape upside down. Last week, a digital currency strategy was a future hurdle; suddenly, digital currency capability is table stakes in the fight for relevance!
Some speculate that this will improve democratic access to the underbanked; we're skeptical. Allowing your FI to be relegated to public utility status is not strategy. More than ever, as money itself sheds the constraints of the physical world, becoming much more functional and effective, community based FI’s must also shed the constraints of established operational and technological practices. Only a decisive strategy by community FI’s will harness the power of digital currency to improve the economic health and resilience of local economies and consumers. This is your mission and purpose.
Last year we came to market with Coin2Core Extended Ecosystem Wallet in anticipation of this day. We're ready to help you rebuild relevance and drive economic recovery and health—for your communities, clients and for your institution.