The Interchange: Wait, it's all just banks?

Quick Take

  • It’s often said that every tech company wants to be a bank. But it hasn’t fully materialized, yet.
  • While crypto companies are rapidly pushing the boundaries of market structure and wanting to be banks themselves, so far only Wyoming special state charters have offered early forms of success.
  • The recent break-neck pace of crypto banking developments paired with the latest U.S. regulatory rhetoric suggests 2021 is setting up for a potential collision course among crypto national bank charter hopefuls.
Even after covering banking and payment developments for now nearly two years at The Block, I’m still amazed at just how rapidly everything is coming together around building market structure and financial services for digital assets. Take this table, highlighting a year full of major developments across financial services and fintechs accelerating strategic desires to […]

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