- Catherine Coley recently said that traditional finance is recognising crypto in that it involves real assets and real customers with proper business models.
- This all came after JP Morgan Chase took on Gemini and Coinbase as customers.
The chief executive officer of Binance.US, Catherine Coley has recently said this week that the traditional finance industry is recognising crypto in that it involves real assets and real customers with proper business models. When speaking in an interview with Cointelegraph, the CEO said:
“We're finally recognizing that crypto is just another opportunity in our financial future, rather than seeing it as a kind of misfit or unacceptable type of industry.”
This all came after one of the biggest banks in the United States, JP Morgan Chase took on two of the biggest platforms in the crypto industry, Gemini and Coinbase as customers.
The CEO said that this is a very positive move. She added that there have been specialist banks before who have established support for cryptocurrency in the past because traditional banks such as JP Morgan Chase we’re not looking at cryptocurrency in a sincere fashion. She further added that this was a big impact on the growth of specific banks who supported the industry. Many of these banks were able to gain significant attraction from their moves as she said the following:
“I think that was a strong, prior signaling that crypto businesses actually do have traditional revenue models, are consistent businesses involving real assets and real customers with real business models.”
Before the bank made the announcement, it was well known throughout the crypto space that its CEO, Jamie Dimon had established himself as one of the biggest critics of cryptocurrency out there. Touching on this, Coley said that it was unfortunate that his comments came so public, but many people who start looking into crypto start off this way so it isn’t unusual.
“Look how the tables have turned! It's interesting to have seen the evolution of his stance in real time. This acceptance phase that we're in now will lead to broader adoption, to more mainstream opportunities; prior skepticism has switched to seeing us as trusted businesses.”