According to data from CryptoMonday.de, DeFi would rank the 31st bank in America by asset under management despite the recent slump in crypto.
Speaking on the data, CryptoMonday.de CEO Jonathan Merry said.
” World bank statistics show that more than 1.7B people lack bank accounts. The existing banking system is not only inefficient but also exclusionary. With DeFi, there is an opportunity to provide financial services to anyone with an internet connection. This is a game-changer for underserved communities around the world.”
Growing Institutional Enthusiasm for Crypto Assets
More institutions are searching for ways to increase their exposure to the fast-developing DeFi sector.
For instance, FIS, a $62 billion fintech firm that offers wealth management and payment services, recently partnered with Fireblocks to give its capital market clients full access to DeFi services. Besides, JPMorgan Chase announced it would offer crypto custody services for its clients in February. The move was seen as a significant endorsement of digital assets by a leading financial institution.
Bringing in the Next Sweep of DeFi Users
DeFi would rank much higher on the list of America’s biggest banks by assets under management with the influx of new users. This would help to bring the next wave of users into the industry and spur even more growth.
Meanwhile, clients of conventional banks are requesting more access to DeFi. This is because they are becoming more aware of the benefits that come with using decentralized protocols. However, it remains to be seen how long it would take for these requests to turn into full-fledged adoption.
With the institutional money flowing into the space, it is only a matter of time before DeFi starts to rank among the biggest banks in America by assets under management. This would help bring even more legitimacy to the industry and spur growth. Full story and statistics can be found here: https://cryptomonday.de/news/2022/08/30/defi-would-rank-31st-bank-in-america-by-assets-under-management/