Banks and other financial institutions rarely keep an open mind toward Bitcoin and other cryptocurrencies. It is an unconventional business model, yet most crypto service providers still rely on banks to offer the majority of their products and tools. ATB Financial is one of the few players actively welcoming cryptocurrency companies and enthusiasts as of right now.
ATB Financial is Doing Things Differently
To most people, it seems as if Bitcoin and other cryptocurrencies could eventually make banks obsolete. That was the original mindset which drew a fair few early adopters to this industry in the first place. Unfortunately, it seems cryptocurrencies and banks direly need one another to survive and thrive. This is especially true for cryptocurrency exchanges, wallet service providers, and other ventures.
Sadly, most banks around the world would rather oppose the cryptocurrency industry than allow it to flourish. That is no big surprise, as this largely unregulated industry can cause a lot of issues for partner banks and service providers. ATB Financial sees this as a golden opportunity to further expand and solidify its presence in the financial sector.
The company acknowledges that cryptocurrency has been “taboo for banks” for several years. In particular, its pseudonymity, anonymity, and privacy aspects are of great concern to a lot of financial institutions. As banks need to adhere to very strict regulations, it is only normal that they would steer away from anything threatening their regulatory compliance. There’s also a lack of knowledge and a general fear that Bitcoin and its cohorts may disrupt the traditional banking model in the future.
ATB is ready to break some new ground in this regard. The firm has identified and examined segments of the cryptocurrency ecosystem which it can serve while remaining compliant with existing regulations. A close collaboration with cryptocurrency experts completely changed the bank’s outlook on this industry, even though the journey has not been easy by any means.
As a result, ATB wants to be Canada’s leader in business banking for cryptocurrency firms. While the primary focus is on the Alberta region, it does set a very intriguing precedent. ATB Financial is confident that there are benefits for them, their clients, and the overall economy. It is a major nod of approval from a traditional bank, and one that can elevate the cryptocurrency ecosystem to new heights.
Although their plan of action remains a bit unclear, ATB is confident that blockchain technology and cryptocurrencies will be a part of the future, which is a very positive outlook. While this bank is ready to embrace the future, the big question remains whether or not any of its competitors will do the same. Canada is shaping up to be a very interesting place for cryptocurrency in general, as good things continue to happen there.