There is now 'a greater urgency by institutional investors to not miss out — to invest some of their assets in bitcoin, because this time looks different'
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fintech Opinions
‘Shark Tank’ investor Kevin O’Leary says bitcoin is too volatile for his portfolio — but says he would own a crypto ETF
Business Insider | Emily Graffeo | Dec 2, 2020
Shark Tank investor Kevin O'Leary told The Pomp Podcast on Tuesday that bitcoin is too volatile and illiquid for his portfolio, but he would consider owning a basket of cryptocurrencies in an ETF.
O'Leary has created multiple ETFs as the chairman of O'Shares, and he said that a crypto ETF could be the most liquid way to buy and sell bitcoin. The investor said that right now there are too many fees associated with getting in and out of bitcoin, but he does own a little bit of the coin right now.
"Give me the top 7 cryptocurrencies, put them into an ETF wrapper, and let me invest in it with liquidity so that if I want to buy a million dollars of it in the morning and sell a million dollars in the afternoon, I can do that in an ETF format," he said.
He also told host Anthony Pompliano that doesn't believe there will be only one successful cryptocurrency, and coins like Ethereum will benefit when more investors see cryptos as stores of value and potentially a medium of exchange. Whereas equity investors can buy a "basket of stocks," it's harder for crypto investors to load up on multiple coins. An ETF would solve this problem.
See: Hedge funds, not hipsters, may be powering bitcoin’s second big rally
Also, the seal of approval from the SEC that the ETF would require may convince more institutional investors to buy bitcoin, he said. O'Leary said institutional support is "slowly creeping" into the bitcoin market, but many investors are still hesitant without "clearance from the regulators."
"If tomorrow morning we woke up and the SEC said you can create an ETF with bitcoin and we think bitcoin is legitimate payment system and storage of wealth, not only would it go up, you'd have a lot of people like me investing in it, because I'd say ok, I'll give it a 5% weighting," added O'Leary.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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CCAF Report: Global COVID-19 FinTech Market Rapid Assessment Study
CCAF | Tania Ziegler | Dec 3, 2020
This global study seeks to assess how financial technology firms (FinTechs) have been impacted by COVID-19, and how they are responding to the resultant challenges and opportunities. The study is a joint initiative of the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School, the World Bank Group and the World Economic Forum. This research was supported by the UK Foreign, Commonwealth & Development Office, and the Ministry of Finance of Luxembourg.
Key findings
This study finds that, despite unprecedented uncertainty and rapid changes in market conditions, FinTechs across the globe have been resilient in responding to the challenges of the COVID-19 pandemic. Twelve out of 13 surveyed FinTech verticals reported growth on average in Q1-Q2 2020, compared with the same period in 2019, although the growth was very uneven across markets and geographies. FinTechs were nimble and innovative in adapting to market conditions by both tweaking existing products and services and launching new ones. However, they still face significant headwinds in operations, fundraising and regulatory challenges across the world.
FinTech market performance in general during COVID-19
Despite COVID-19, FinTechs continue to grow globally. On average, FinTech firms reported a year-on-year increase in their transaction numbers and volumes of 13 per cent and 11 per cent respectively in Q1-Q2 (used interchangeably with H1 throughout the report). This is consistent with reported improvements in other key market performance indicators such as new customer acquisition and customer retention.
See: Cambridge Centre for Alternative Finance and World Bank – Study COVID Crisis and Impact on Fintech Regulation
However, the impact of COVID-19 on market performance is not uniform across FinTech business verticals or geographic jurisdictions. Except for digital lending, all verticals reported an increase in transaction volume, however the rate of growth varied significantly. Digital Asset Exchanges, Digital Payments, Digital Savings and WealthTech all reported year-on-year growth in transaction volume in excess of 20 per cent in Q1-Q2, whereas Digital Banking, Digital Identity and RegTech sectors reported more modest year-on-year increases of around 10 per cent in Q1-Q2. Conversly, Digital Lending firms reported an eight per cent year-on-year contraction in Q1-Q2 globally in transaction volume and numbers of transactions, as well as a six per cent decrease in the number of new loans issued. This situation was compounded by a nine per cent rise in defaults on outstanding loans. All geographic regions reported growth by transaction volume, but with pronounced variations among them, with the highest increase reported in the Middle East and North Africa (40 per cent), followed by North America (21 per cent) and Sub-Saharan Africa (21 per cent).
FinTech markets with more stringent COVID-19 lockdown measures reported higher growth in transaction volume. With OxCGRT dataset[i], countries in the FinTech survey sample were grouped into low, medium and high-stringency quantiles according to the stringency of government responses to COVID-19. On average FinTech transaction growth in high-stringency countries was 50 per cent higher than those in low-stringency jurisdictions. This trend was most evident for Digital Payments, where FinTechs in high-stringency jurisdictions reported a 29 per cent growth, twice the average growth of Digital Payments providers in low-stringency jurisdictions during the same period. The demand for Market Provisioning FinTechs (i.e. Digital Identity) also followed this trend, with transaction growth of 20 per cent for high-stringency jurisdictions compared to just two per cent for low-stringency jurisdictions.
See: Fintech Acquisitions Show Sector Strength Despite Covid-19
FinTechs in emerging market and developing economies (EMDEs) reported higher growth but also more operational challenges and risks than those in advanced economies (AEs). EMDE FinTechs reported an average H1 growth in transaction volume and numbers of 12 per cent and 15 per cent respectively – more than the 10 per cent and 11 per cent reported by firms from AEs. FinTechs from EMDEs also reported higher growth in new customers and higher customer retention than firms from AEs. While FinTechs from EMDEs were able to grow their customer base and transactions during COVID-19, they also reported larger increases in operational challenges, costs and risks than firms from AEs.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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China Says It Remains Open to the World, but Wants to Dictate Terms
The New York Times | Steven Lee Myers and | Nov 24, 2020
China’s leader, Xi Jinping, is pursuing a strategy to make the country’s economy more self-sufficient, while making other places more dependent on it than ever.
After Australia dared last spring to call for an investigation into the origins of the coronavirus, China began quietly blocking one import after another from Australia — coal, wine, barley and cotton — in violation of free-trade norms. Then this month, with no clear explanation, China left $3 million worth of Australian rock lobsters dying in Shanghai customs.
Australia nonetheless joined 14 Asian nations and just signed a new regional free-trade deal brokered by China. The agreement covers nearly a third of the world’s population and output, reinforcing China’s position as the dominant economic and diplomatic power in Asia.
See: What to expect from Biden-Harris on tech policy, platform regulation, and China
It’s globalization with Communist characteristics: The Chinese government promotes the country’s openness to the world, even as it adopts increasingly aggressive and at times punitive policies that force countries to play by its rules.
With the United States and others wary of its growing dominance in areas like technology, China wants to become less dependent on the world for its own needs, while making the world as dependent as possible on China.
“China wants what other great powers do. It wants to follow international rules and norms when it is in its interest, and disregard rules and norms when the circumstances suit it.” said Yun Jiang, a researcher and editor of the China Story at the Australian National University.
China’s strategy is born out of strength. The coronavirus has practically disappeared within its borders. The country’s economy is growing strongly. And China’s manufacturing sector has become the world’s largest by a wide margin, leaving other nations heavily dependent on it for everything from medical gear to advanced electronics.
Beijing is also pushing back against President Trump and his administration, taking advantage of the political disarray that has followed his electoral defeat. Beijing’s confidence on the global stage now compounds the challenge China will pose for the incoming administration of Joseph R. Biden Jr.
See: The new urgency of global tech governance
In a flurry of speeches over the last week, Xi Jinping, China’s ambitious, authoritarian leader, laid out his vision for this new world order, while making clear his terms for global engagement.
“Openness is a prerequisite for national progress, and closure will inevitably lead to backwardness,” Mr. Xi said in remarks that seemed to take a swipe at Mr. Trump’s America-first agenda.
“While making the Chinese economy more resilient and competitive, it also aims to build a new system of open economy with higher standards,” he said. “This will create more opportunities for the world to benefit from China’s high-quality development.”
Mr. Xi’s own economic and political policies this year have been the mirror opposite. China’s plan, Mr. Xi has said, is to lessen dependence on imports, insulating the country from rising external risks, including the threat of a long, pandemic-induced global economic downturn and the severing of Chinese access to American high-tech know-how.
“The world as it exists today cannot be reduced to the rivalry of superpowers” Laurent Bili, the French ambassador to China, said at a conference organized last week by the Center for China and Globalization, a Beijing research group.
“The United States is still in electoral chaos, while China is forming the world’s largest trade agreement,” the Ministry of Commerce in Beijing wrote on its official website recently.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Hedge funds, not hipsters, may be powering bitcoin’s second big rally
Financial News | Will Hadfield and Emily Nicolle | Nov 20, 2020
There is now 'a greater urgency by institutional investors to not miss out — to invest some of their assets in bitcoin, because this time looks different'
It may be hedge funds, rather than retail investors, that are driving this autumn’s rally in the price of bitcoin.
And this time round, the institutional investors are buying exchange-traded products as well as the underlying cryptocurrency. A bitcoin ETP managed by Swiss issuer 21Shares is receiving creations — the equivalent of inflows — of as much as $3 million a day. In November last year, it took all month to attract the same amount of new money.
See: Canada’s first public Bitcoin fund hits $100M mark
Investors in bitcoin ETPs are overwhelmingly institutions, rather than individuals.
“This is purely us targeting institutional investors,” Laurent Kssis, managing director at 21Shares, told Financial News. “Our business is focused solely on institutional investors’ mandate to add crypto to their portfolio strategies and we have not really touched the retail market yet.”
Many institutional investors sat on the sidelines when bitcoin experienced its first dramatic rally in 2017 — the cryptocurrency surged to $19,783 before collapsing to as little as $3,248 in late 2018. Money managers lacked a mandate to invest in cryptocurrencies and nervous compliance departments blocked requests to trade on unregulated cryptocurrency exchanges.
This year’s rally is different. A group of companies have listed bitcoin-tracking ETPs, investment vehicles that mimic exchange-traded funds. ETPs are regulated, unlike bitcoin, so hedge funds with a mandate to get exposure to cryptocurrencies can invest in the products, which are listed on stock exchanges.
The situation is similar in the US, where analysts say family offices and institutional investors have been ploughing into investment vehicles for bitcoin in recent months.
See: Bitcoin price hits record high for 2020 after PayPal finally adds cryptocurrency
Nikolaos Panigirtzoglou, a cross-asset research analyst at JPMorgan, said there is now “a greater urgency by institutional investors to not miss out — to invest some of their assets in bitcoin, because this time looks different”.
“The big difference to 2017 is that there is now greater conviction that bitcoin is a genuine asset class, that bitcoin will never go to zero,” he said. This has been prompted by a perception of bitcoin as a credible alternative asset to gold, backed by corporate sponsorship from the likes of PayPal, MicroStrategy and Square.
“What is happening this year is that gold’s monopoly as an alternative asset is now being questioned,” he said. Instead over the past month, inflows into US-listed vehicles such as the Grayscale Bitcoin Trust show that “the institutional demand is so strong that even if some hedge funds or other funds that play bitcoin as a momentum trade get out, it’s not enough to stop the [price] ascent”.
See: CEX.IO’s Executive Director Predicts the Future of Crypto Exchanges
The Grayscale Bitcoin Trust’s share price value on Wall Street at the start of October was $10.87, according to Nasdaq. As of 20 November, it has almost doubled to $19.94 — and is still climbing.
Bitcoin has become an attractive asset class for US funds that are known for investing in technology stocks, he added, saying that the bank has heard anecdotally that they’re all “familiar faces”.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Capitalism must be saved by capitalists, argue these pioneering ESG investors
Fortune |Katherine Dunn | Nov 15, 2020
When Michael O’Leary and Warren Valdmanis first met at Bain Capital’s offices in Asia, both were more or less conventional members of the finance profession. And yet, years later, they would become the coauthors of a book arguing that American-style capitalism—including a “meatheaded” obsession with short-term profits—is doing dire damage. Our economic system, they argue, urgently needs a reboot.
In their recent book, Accountable: The Rise of Citizen Capitalism, they argue that Adam Smith–style invisible hand capitalism is ineffective—and out of date—and that companies need to reorient themselves to serve more than just shareholders (which, by the way, they don’t think are being served particularly well, either).
See: Fintech Fridays EP45: Mission-driven and Consumer-centric Financial Services
Both authors, who were on the founding team behind Bain’s first social impact investing fund under former Massachusetts Gov. Deval Patrick, spoke to Fortune about the rise of ESG (environmental, social, and governance) investing, the divestment moveme
nt (and whether it actually works), the Business Roundtable’s pledge to end shareholder primacy, and where companies—and investors—can be the most effective.
This interview has been condensed and edited for clarity.
You talk a lot in the book about the skepticism or the outright cynicism regular people—but especially people in the investment world—have toward ESG and socially responsible investing. Was that the place that you guys started from?
Valdmanis: I admit that I was skeptical. I was schooled in this Adam Smith invisible hand idea, that if you just go about your business of creating more valuable companies and creating shareholder value, that’s going to have knock-on effects that are positive for the world. So I didn’t feel this need to add a social adjective in front of it. But I swiftly realized a couple of things through the effort with Governor Patrick.
“You have an economy where the buck is passed around and around and around until, poof, it disappears.” Michael o’Leary, coauthor of accountable
The first is that the invisible hand [idea] is a really attractive one, but it doesn’t always work that way. I think, frankly, even Adam Smith, if you read his work closely, you realize that he didn’t even intend the way it’s currently understood and used. But furthermore, I also realized, there is enormous potential at the intersection of the social and the commercial. I think that we have this meatheaded short-term-ism in our economy that prevents even businesses from realizing what’s in their long-term best interests sometimes.
See: OECD Report Outlines Challenges Facing ESG Investing
O’Leary: I don’t think we recognized going in how that generational difference really shows up in a lot of people’s fundamental views around capitalism. You look at the portion of millennials and Gen Z who approve of capitalism or have a favorable view of capitalism, that’s fallen from two-thirds in 2010, to just about half today. And I think millennials just approach these questions with a different view. You ask folks, “Is sustainability or ESG important to investing?” And nine out of 10 millennials will say, “Yes, of course you should be thinking about environmental and social issues in your investment portfolio.” And 40% of baby boomers, maybe less, will agree. And so I think you approach the question from a slightly different angle—I think with less skepticism—when you’re of a younger generation.
“I think that we have this meatheaded short-term-ism in our economy that prevents even businesses from realizing what’s in their long-term best interests sometimes.” warren valdmanis, coauthor of Accountable
I was struck in the book how you talk about what you call this “rational hypocrisy” that companies have to deal with.
O’Leary: If you’re a CEO today, you’ve got demands from shareholders to maximize profits; you’ve got demands from all of your stakeholders to do good things for people. And when you’re faced with these conflicting demands, it’s much easier to fake good works than it is to fake good returns. So as a result, they exhibit a sort of rational hypocrisy, where they say different things to different audiences. The best evidence of this would be all the companies out there that issue two different annual reports: a 10-K and then a corporate social responsibility report, or a sustainability report, for all their stakeholders. And oftentimes, there’s no relationship between the two.
Video: Purpose-driven finance (Chris Skinner at FFCON20)
I look at the crisis of trust we have in our economy where three-quarters of people don’t trust Big Business; people don’t trust corporate executives. So you roll back the clock to last December, before the pandemic hit. And in some ways it’s so easy when you’re in the 11th year of an economic boom for CEOs to say, “No, we’re good for shareholders; we’re good for stakeholders; we’re good for workers; we’re good for everyone.” The opportunity that the pandemic gave business leaders is in times of crisis—that’s when they can actually show what they meant in their commitments. And they can show that when they said their workers are the most important thing about their business…Prove it.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Should the U.S. Government Create a Token-Based Digital Dollar?
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Proposals for "central bank digital currency" (CBDC) come in two basic types: account-based and token-based. I have been critical of proposals for an account-based system. Until recently, there didn't seem to be much active interest in a token-based system. But now comes a significant token-based proposal in a new white paper by the Digital Dollar Project. Would a token-based system be any better than an account-based system? It might, but it all depends on the design details. Let me explain.
An account-based CBDC would mean that households and businesses have retail checking accounts directly on the Federal Reserve System's balance sheet. A detailed proposal for such a "FedAccounts" system by three legal scholars (Morgan Ricks, John Crawford, and Lev Menand) is available here. (I recently exchanged views with Ricks in an online event hosted by the Cato Center for Monetary and Financial Alternatives.) It is implausible that a FedAccounts system, run by a bureaucracy with no experience in retail payments, unguided by profit and loss, will provide better or more efficient service than systems offered by banks and other competitive private firms. But it isn't implausible that threats to privacy would arise from a system that gives a government agency real-time access to all deposit transfers.
See: Why a digital dollar isn’t coming anytime soon (or so the Fed says)
A token-based CBDC would mean that households and businesses hold circulating digital Fed liabilities in digital wallets (think mobile phone apps), the way they hold Bitcoin or Tether[1], or the way they hold Federal Reserve Notes in analog wallets. This model has been labeled "FedCoin." The Federal Reserve System would know the dollar quantity of FedCoin in circulation, but in principle, as with physical notes and coins, it needn't know which users hold how many of these digital dollars. One prominent supporter of the FedCoin concept since 2015 has been Federal Reserve economist David Andolfatto. An early sketch of the concept was provided in 2014 by blogger J. P. Koning.
In May 2020 a group calling itself "The Digital Dollar Project" released a report entitled "Exploring a US CBDC." Although it deliberately leaves many important details to be determined later, the report deserves our scrutiny as an updated and prominent proposal for a token-based system. The report expands on an earlier WSJ op-ed by two of the Project's principals, J. Christopher Giancarlo and Daniel Gorfine. Giancarlo once headed the Commodity Futures Trading Commission while Gorfine was the CFTC's chief innovation officer. The named authors of the report include Giancarlo and Gorfine, plus Charles H. Giancarlo (CEO, Pure Storage) and David B. Treat (Accenture) as additional Project directors, together with eight more contributors from Accenture.
From the user's point of view, the Digital Dollar Project's "champion model" is akin to a well-backed dollar stablecoin, that is, a transferable digital token pegged to $1.00 per unit by its issuing entity. (Tether is by far the leading US-dollar-linked stablecoin with more than $9 billion currently in circulation. Here is a list of the many other available stablecoins.) But there are some differences between the Project's model and the typical stablecoin: the model's coin issuer is not a private entity, the fix to the dollar is free of default risk, and the exchange-rate variation around the $1.00 peg is zero. The issuer is to be the same US government agency currently responsible for supplying fiat US dollars in paper and ledger-entry form: the Federal Reserve System.
See: US Federal Reserve Actively Working on Digital Dollar
Rather than buy FedCoins on an exchange, a user would get them from banks the way she gets fresh Federal Reserve Notes, redeeming her deposit dollars for them. She would hold FedCoin balances in a digital wallet, perhaps an app on her cell phone, and spend them online or in person, or transfer them to her friend, using the phone app.
The Fed would stand ready to interchange FedCoins (which the report calls "Digital Dollars," but FedCoins is less ambiguous) 1:1 with existing types of base money, Federal Reserve Notes (which are not to be abolished), and commercial banks' reserve balances on the books of the Fed. In this way FedCoins are to be a form of fiat money, part of the US dollar monetary base. They are to have "the same legal status as physical bank notes," which I interpret to mean that they are to be legal tender like Federal Reserve Notes. That is, they cannot be refused in the discharge of any dollar-denominated debts. Commercial banks will be as happy to accept them on deposit, and to pay them back out, as they are to accept and pay out Federal Reserve Notes.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Why banks don’t die
The Finanser | Chris Skinner | Nov 11, 2020
Have you noticed how people talk about disruption more and more, and note the collapse of companies like Blockbuster, Kodak, Nokia and Thomas Cook? In fact, there are more companies entering and leaving the stock market lists than ever before, with the average tenancy now under two decades compared to six decades or more in mid-1950s.
A 2015 McKinsey study found that the average corporate life span has been falling for more than half a century by analysing Standard & Poor’s data, which shows a company’s survival was 61 years in 1958, 25 years in 1980, and just 18 years in 2011.
Change is faster, the challenges bigger, the need to adapt greater and the environment far harder than ever before.
So sad, but companies are not built to last forever. They come and go with the flavours, tastes and the needs of society.
But this is not true for banks.
Banks last forever.
See:
JP Morgan Veteran Daniel Masters Explains How Blockchain Will End Commercial Banks
Finance Canada Announces Second Phase of Open Banking Virtual Consultations Dates
This is well illustrated by a comment from challenger bank Varo, who are seeking a national bank charter in America.
Varo is betting that looking more like a traditional bank will pay off in the long term. “It’s really the only long-term sustainable route if you want to be around 50 to 100 years from now,” said Colin Walsh, chief executive of Varo.
Banks don’t die. They may be zombies, failed, broken, wrong, stupid, dumb or whatever other words you want to use, but you can’t kill them.
The main reason this is the case is because they are protected by governments. Left or right governments want strong and stable banks to ensure a strong and stable economy. Therefore, they protect these treasured assets like no other companies. For this reason, banks live forever.
They can be acquired …
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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