Throughout the course of Bitcoins rise, one of the biggest questions posed has been whether banks will ever be open to accepting cryptocurrencies.
However, a series of recent investments made by Litecoin and Binance may indicate that actually cryptocurrencies who will be the ones to start accepting banks.
Last week Tuesday, it was announced that Litecoin had acquired a 9.9% stake in a WEG Bank AG. The stake was first purchased by a crypto-to-fiat payments company called Token pay, then passed on to Litecoin in exchange for recruiting technical talent that would help the bank bring crypto payments to customers.
Then on Thursday, Binance had announced that it bought a 5% stake in ‘Founders Bank’ based in Malta. The goal of the investment is to “lay the groundwork for a new bank whose owners will be digital-coin investors”.
If the EU grants them a license to begin operating, they will become the “first decentralized and community-owned bank.”
These 2 events are likely the start of an important trend in the crypto space. As leading crypto companies become increasingly wealthy and influential, the need for acceptance from the traditional finance world becomes less important. Rather than crypto companies like Binance and Litecoin asking permission for big banks to accept them, they are simply taking the initiative and forming their own banks.
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