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Title: Crypto era: crypto CEXs are performing better than traditional banks Post by: Vincom on August 22, 2024, 06:38:07 AM The hype surrounding crypto-banks during the 2017 ICO boom quickly evaporated as most projects failed. DeFi protocols stepped in to provide services like lending and borrowing. However, CEXs have gradually evolved into a more comprehensive crypto-banking solution. They now offer a range of services, including deposits, withdrawals, fiat-to-crypto conversions, and lending and borrowing. While traditional banks face challenges due to high-interest rates, CEXs have demonstrated their resilience and are generating substantial revenue from the thriving crypto market.
A groundbreaking shift is underway in South Korea's financial landscape. Recent data reveals that employees at Dunamu, a leading crypto exchange, are commanding higher salaries than their peers at major South Korean banks. This marks a dramatic departure from the longstanding perception of banks as the pinnacle of financial careers in the country. [1] The growing profits of CEXs signal the crypto industry's maturation. By attracting top talent with competitive compensation, CEXs are contributing to the mainstream integration of crypto into the global financial system. While some banks have embraced crypto for significant profits [2], others remain cautious, viewing it as a potential risk. Given the undeniable momentum of crypto, it's anticipated that financial institutions will increasingly embrace crypto-related services, investments, and partnerships [3]. As the inevitability of crypto's widespread adoption becomes apparent, traditional banks are likely to align their strategies to capitalize on this burgeoning market. This shift will undoubtedly facilitate seamless fiat-to-crypto transactions for investors. I would like to know your views on this issue:
References: [1] South Korean crypto exchange employees out-earn staff at major banks (https://cointelegraph.com/news/crypto-exchange-employees-surpass-south-korean-bank-salaries) [2] Crypto bank Sygnum posts profit after doubling crypto trading volumes (https://cointelegraph.com/news/crypto-bank-sygnum-reaches-profitability-amid-trading-volume-spike) [3] 10 Best Crypto Friendly Banks in 2024 (https://koinly.io/blog/best-crypto-friendly-banks/) Title: Re: Crypto era: crypto CEXs are performing better than traditional banks Post by: libert19 on August 22, 2024, 11:19:27 AM I would like to know your views on this issue: 1. Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs? 2. Do banks in your country support crypto services? 3.If possible, are you willing to use crypto storage/trading services directly on banking apps? 1. Not atm, but I have used the feature, had some alt lying around — some CEX had staking program for it, thought might as well put it to work, though I wouldn't risk hefty funds for some apy. 2. No but I'd like it if they do. 3. Yes, that would be convenient. |
