- JP Morgan’s Daniels Masters believes in the power of blockchain against banking.
- Blockchain is quickly replacing and innovating various areas across the globe.
- So far, supply chain and governance are the major areas after finance.
Crypto influencers have been banking on the idea of working outside the centralized traditional monetary realms, however, the truth is the most optimal way to regulate, standardize and effectively publicize the potential of the digital field is by converting conventional finances into cryptocurrency. This is where the blockchain against banking debate begins.
Former commodities trader at JP Morgan, Daniel Masters, has been eyeing the trade since its inception and started to study it after the financial crisis hit Worldwide seriously. Founder of his digital finance investments firm has provided Masters with an in-depth overview of the rapidly evolving industry standards as well as obstacles to its growth.
Blockchain against banking
The ex-trader pressed upon some pressure-driven aspects for banking institutions to look into for owning their distinct digital currency in discussion with Forbes. Its lack of physicality makes it perfect in suppressing black markets and corruption and strengthening banks the increased liquidity. Master reported eight central bank currencies currently underway, including two expected to go online in the near future in China.
One of the most riveting topics of today’s financial sector is the expected impact of Central Bank Digital Currencies (CBDC) on commercial banking and financing procedures. The paradigm shift entailing central banks to issue digitized currencies removes commercial banks from the process structure completely. Startups like Compound Finance, Uniswap, and SushiSwap are working to digitize the service aspect of digital currencies and may likely be the new face of commercial banks and a nail in the blockchain against the banking coffin.
The conventional mindset is moving at a subtle rate towards the new digitized field. People are worrying less about the uncertainty and volatility attached to crypto dealing reputation and rapidly moving towards overcoming obstacles and becoming a part of the new trend of tokenization, stablecoins, digitals wallets and CBDCs.
Master’s firm Coinbase intends to maximize market share on the consumer front by offering secure, reliable, and convenient cryptocurrency experiences and is proving to be in the digital game for the long haul. All the more reason to believe blockchain against banking war is in favor of the former.
