Decentralized and traditional finance tried to destroy each other but failed
The year 2022 is here, and banks and the traditional banking system remain alive despite decades of threatening predictions made by crypto enthusiasts. The only endgame that happened— a new Ethereum 2.0 roadmap that Vitalik Buterin posted at the end of last year.
Even though with this roadmap the crypto industry would change for the better, 2021 showed us that crypto didn't destroy or damage the central banks just like traditional banking didn't kill crypto. Why?
To be fair, the fight between the two was equivalently brutal on both sides. Many crypto enthusiasts were screaming about the coming apocalypse of the world's financial systems and described a bright crypto future ahead where every item could be bought with Bitcoin (BTC). On the other hand, bankers rushed to defend the traditional role of the banking system, accusing the blockchain technology of low performance and lack of compliance.
Both of the parties were wrong in their predictions.
Luckily, neither crypto nor traditional banking was destroyed, although they wished to. On the one hand, none of the major crypto projects has stayed away from the tightest integration with banks. The United States-based crypto exchange Kraken received a banking license and the Coinbase IPO process speaks for itself as it's a 100% game, according to the banking/financial system rules. Most of the top projects use the services of only a few banks: Signature, SilverGate, Bank Frick — concentrating settlement and imposing banking principles of working with crypto.
On the other hand, the banking community created in-house ecosystems for crypto projects. Visa introduces crypto advisory services to help partners navigate through the crypto world. Amazon Web Services (AWS) wants “to be
Read more on cointelegraph.com
