“Lack of knowledge, balancing needs of various customers, or fear may hinder more traditional financial institutions from taking part in this growing segment of the economy.”The folks over at ATB - or AlphaBeta - aren’t afraid of the crypto world and feel like exploring the risks and opportunities of digital currencies is one that needs to be done. According to their website:
“When we first explored the possibility of providing business banking services to firms operating in the cryptocurrency space, our traditional risk and compliance measures resulted in a big ‘NO’. This provided us with an exceptional opportunity to look again at our systems to see how we might be able to get to a ‘yes’. Working directly with cryptocurrency experts, we made the big first step of identifying KYC (Know-your-customer) and AML (anti-money-laundering) thresholds that would have to be met in order for a business to qualify for business banking with ATB.”Investing in anything is a risk so it’s important that you do your own research. According to ATB, crossing the threshold of banking with crypto related business could become a massive thing for a traditional bank such as ATB.It is a perfect fit for ATB to lead the way on business banking for cryptocurrency businessesWhat are your thoughts? Should traditional banks start seeing crypto as less of a risk than it is? Let us know what you think down in the comments below!Reference:ATB