Crypto Going Mainstream in the Financial Industry 🚀

SelfKey Weekly Newsletter

Date – 28th October, 2020

Is crypto going mainstream? Increased interest from mainstream companies could be indicating this.

19 Nov
2020
Sree
SelfKey Newsletter Crypto going mainstream
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Dear SelfKey Astronauts,

When will cryptocurrency be able to break into the mainstream financial industry?
This is one question that has always puzzled crypto enthusiasts and has been a point of criticism for crypto critics over the past few years.
But, the truth is that the mainstream adoption of crypto was always on a steady rise over these years. Moreover, it seems to have picked up pace in the last couple of years.

“Gradually, then suddenly.”

Recently there has been an influx of exciting news in this regard, which includes PayPal allowing its customers to buy and sell crypto using their PayPal account.
More news: The largest bank in South-East Asia, the DBS bank, is maybe planning to enter the cryptocurrency market with its own cryptocurrency exchange.
Numerous government bodies are also actively researching about implementing Central Bank Digital Currencies or CBDCs to replace fiat currencies.
Moreover, some of the government officials have been keen to admit that cryptocurrencies and blockchain technology will have a crucial role to play in the future of finance.
An example of this would be the statement by U.S. acting comptroller of the currency, Brian Brooks.
When asked about the role banks will have in society amid increasing creative destruction posed by DeFi, Brooks said: “Human beings need financial services, they don’t need banks”, implying that mainstream DeFi might be inevitable.
All this can potentially lead to crypto having a unique place in the mainstream financial industry.
However, as crypto goes mainstream, KYC/AML compliance will become a necessity for crypto users.
In the past, centralized entities like banks and financial institutions have collected, stored, and processed the personal data of their users. However, this has often led to data breaches and other privacy violations.
With the crypto industry on the brink of regulations, SelfKey has the potential to help users with a privacy-preserving and user-centric solution and become a vital project that helps crypto go mainstream in the financial industry.

SelfKey Wallet users can securely store and maintain their personal data by using the SelfKey Wallet and can use this data to access a variety of crypto and other financial related services through the SelfKey Marketplace.

Besides, SelfKey Wallet users could now utilize the Certifiers Platform to notarize their documents with the help of real-world notaries.

The SelfKey Identity Wallet is a free identity solution for Windows, Linux and Mac. Get yours today!

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Quote of the Week – “Civilization is the progress toward a society of privacy. The savage’s whole existence is public, ruled by the laws of his tribe. Civilization is the process of setting man free from men.”  – Ayn Rand

We thank each one of you for your continued interest and support!

Best Regards,
Sree from SelfKey