Anne Boden, the head honcho and CEO of the Starling Bank has outrightly criticized cryptocurrency and has called it ‘very dangerous’. Boden’s statements have been made at a time when the market is expanding and is witnessing explosive levels of growth.
At the same time, with new launches almost every day, cryptocurrency-related apps are able to assimilate a global audience and are popularizing cryptocurrency assets even more.
Starling Bank, which is backed by Goldman Sachs, one of America’s largest banking institutions, is a financial technology company. The financial institution founded by Boden in 2014, is based in the United Kingdom and is most recently valued at $3.1 billion, (or close to two and a half billion pounds), making it a viable investment for its two main backers, Fidelity and Goldman Sachs.
A unique feature of the bank is the fact it allows customers to make use of and open checking accounts without having to pay any fees; while also allowing the customer to take loans through the same.
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Boden’s Remarks on Cryptocurrency
Boden’s recent remarks have criticized cryptocurrency assets, as she is apprehensive of the safety and security risks associated with digital payments. The founder-CEO’s statements were made at the Money 20/20 conference at Amsterdam, wherein she was invited as a panel speaker, shocking most of the audience members.
Boden believed that since many crypto wallets are affiliated and linked to many digital payment options, this heavily affects the safety of such digital payment mechanisms.
According to her, this directly called into question the security risks associated with the crypto industry, making Starling Bank wary of its association with traditional banking. Anne Boden has previously remarked about the dangers of crypto as well. She has warned the banking industry earlier that customers may fall for scams and that there is an inherent risk in crypto assets.
She also remarked that the bank was fatigued by crypto risks, as most of their resources were spent on protection mechanisms. Her main contention was that the bank is threatened by crypto risks and hence is unable to fully promote it.
What Fintech Companies Think About Crypto
Boden’s statements are largely different from the approach most fintech companies have adopted. While the world has begun embracing crypto, many fintech companies are starting to view the cryptocurrency industry as one that is innovative, strategic and convenient.
Leading credit card companies such as Visa and Mastercard have been quick to link their services with cryptocurrencies and have publicly announced their support for digital assets.
Similarly, payment apps such as PayPal have also actively displayed its support for cryptocurrencies. The fintech giant allows its customers to access a variety of cryptocurrencies, including Bitcoin as a payment option. A recent development relating to PayPal is its announcement of allowing users access to their crypto services by connecting to non-indigenous cryptocurrency wallets.
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Volatility of Cryptocurrency: Should You Invest in Cryptocurrencies?
However, even despite the immense interest of leading companies and other fintech in the crypto industry; many financial experts are increasingly worried about the volatility of the crypto market. In their opinion, the stagnation, fast increase-decrease of crypto assets could most certainly affect the performance of the banking sector and associated payment mechanisms.
The past two weeks have been tough for the crypto industry, as it has reported a global loss of almost half a billion. These changes have been offset by the terrible crash of the Terra UST stablecoin, making it an extremely disappointing launch for the Luna 2.0, causing widespread losses to traders and investors.
Still many Fintech companies and even restaurants are strongly supporting cryptocurrencies. There are several use cases of Crypto in the field of dApps, DeFi and others so we suggest conducting your own research and investing accordingly.
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The Web 3.0 is in its incipient or initial phase and more changes are to be expected in the coming years.
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Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
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