The beauty of banks

When I first learned about the planned launch of a crypto-interest bearing account from a well-funded (+$52 million from the likes of Galaxy Digital, SoFi, Susquehana, Fidelity, etc.) and respected lender in the space, I was excited. Not just for BlockFi and its team, but for this industry. While some revere the idea of “the institutions are coming!” there are core market structure pieces lacking within crypto that need to be addressed before major fiduciaries can fully step into this market. Robust lending and deposit taking markets is one such piece.