The Challenger Monzo bank has confirmed that it intends to pursue crypto investment opportunities, amid the current crash in the digital assets market.
Monzo co-founder Jonas Templestein spoke yesterday at the Fi Financial Times Live event saying the crypto crash is “unlikely to affect our plans” as fintech continues to consider expanding into currency ventures digital.
Templestein said that despite the current problems facing the cryptocurrency market, the underlying technology, and how it allows users to easily trade assets, remains promising in Monzo ‘s eyes.
“I think from a technological point of view, blockchain technology is a very interesting database technology,” said Templestein.
“If you go a little further with your imagination, you can think of it as a very interesting virtual distribution machine as a way to run a normal computer.”
Templestein echoed the opinion of many crypto defenders, calling for regulation and oversight to add a greater level of security to the cryptoassets trade.
“It now seems that building an entire financial industry, with no regulators, is a great idea,” he said.
“I think it’s not a great idea for the unsuspecting consumers, in general, who have been suffering for the last few years.”
The regulation of cryptocurrencies is a matter of polarizing within the community because it questions the decentralized nature of technology that has made it so attractive to many people.
However, the crypto crash and the loss of millions have put regulation at the top of the crypto agenda, especially for the UK financial watchdog, which has struggled to deal with the mass takeover of digital assets.
Last month, Charles Randall, chairman of the Financial Conduct Authority (FCA), delivered a warning speech the dangers of “speculative crypto tokens”.
Randall said: “When the price of Bitcoin can be halved in six months, as has been the case recently, and some other speculative crypto tokens have gone to zero… people with no significant savings or financial experience should be encouraged or allowed buy speculative crypto. at all?”
Monzo is still considering crypto investments despite the market crash
Source link Monzo is still considering crypto investments despite the market crash