Regulated Bitcoin banking will disrupt Aussie finance sector says DigitalX
The launch of regulated, global bank trading in digital currencies such as Bitcoin will be a disruptive game-changer, says Australian digital currency consultancy, DigitalX.
DigitalX (ASX:DCC) was the corporate advisor to Europe-based Bankera, which recently closed an “initial coin offering” after raising €25 million ($37 million).
An initial coin offering is an unregulated means of crowdfunding using digital currency.
Bankera expects to have a banking licence within the next two years and will operate as a global, regulated bank offering traditional banking and investment services to the blockchain marketplace, including payments, loans, deposits and investments.
Blockchain is a technology that provides a public ledger of digital currency transactions. Each “block” is like a bank statement that is connected to other blocks to form a chain. Blockchain is best-known as the foundation for controversial digital currencies like bitcoin.
All Bankera’s services will support both traditional currencies and cryptocurrencies, such as Bitcoin — and will be available to customers globally — except US residents due to local regulation.
Bankera was a disruptor to the traditional banking sector and would bring more choice to Australian consumers, DigitalX chief Leigh Travis told Stockhead.
“It’s a global solution to banking, which means you can get the best rates on offer by using [Bankera] rather than being contained by local States; and Australians will be able to access that,” Mr Travis said.
While Aussie banks have been wary of digital currencies, Travis believes our banking sector’s “appetite for Bitcoin will change quickly” following the development of the Australian Digital Currency Industry Code of Conduct.
The new, self-regulated code was created by blockchain industry body, the Australian Digital Commerce Association (ADCA) — of which Travis is a founding member and current vice-chair.
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Source: Regulated Bitcoin banking will disrupt Aussie finance sector says DigitalX – Stockhead
