After the government of El Salvador accepts Bitcoin as their legal tender, then there are much other positive news that enlivens crypto exchanges around the world, one of which is the approval of the Bitcoin ETF by the SEC,
Governments and investment regulatory authorities have slowly begun to understand the meaning of crypto which is not as bad as they previously thought.
Today, in Thailand, the country's oldest bank has acquired a majority stake in the country's crypto exchange. What really intrigues me is why commercial banks acquire crypto exchanges? If the reason is purely business profits that have been analyzed previously, that's a common thing. But are they sure about the decision? The level of security that is very vulnerable by hackers and the highly volatile crypto market, is it in line with their core business which prioritizes stability?
The challenge is after the acquisition, the exchange experienced a bug problem until it was closed 5 days at the decision of the SEC of its country.
What do you think?
Source:
https://www.coindesk.com/business/2021/11/02/thailands-oldest-bank-acquires-majority-stake-in-countrys-largest-crypto-exchange/This commercial bank already knew what it was doing. Certainly, they won't do this if they aren't knowledgeable about the risks and all the possible repercussion of their decision. For sure, they already assessed the risks and made a strategic planning before they have made the acquisition of crypto exchange. For a commercial bank, a central organization, their moves and actions should be well calculated and thought of to avoid untoward incidents such as losses. I think they have prepared and thoroughly checked whether it would be beneficial to them or not. They wouldn't do it if it would not give them significant impact, right?
This is a courageous move for a central organization. Surely, they know the possibilities of hacking and all the other schemes and crypto before doing this. Hence, I commend them for taking a bold move. Stabilization of profit and security enhancement would definitely be on their list to provide a better services for the customers as well as for their company's welfare. They would have a hard time at first figuring out how to make the collaboration of entirely two different things harmonious, but after that, they could earn a lot of profit. They just have to hire an expert in the field of crypto and let them do the work for the betterment of their company After all, business is business. They have to make things on their favor so that the risk they have decided to take would be worth it.
