Libra could kill traditional banks

Stefan Mileschin · 24th June 2019, 09:18

Top financial advisor warns

Facebook’s jump into cryptocurrencies is another nail in the coffin for traditional banks, according to the CEO of one of the world’s largest independent financial advisory organisations.

Nigel Green, the founder and chief executive of deVere Group, was speaking after the social media giant this week set out details of Libra, its own digital currency, to be launched next year.

Green said that Facebook’s launch into cryptocurrencies shows that traditional banks will decline at a quicker rate than many had previously predicted.

"Facebook’s Libra cryptocurrency will be able to transact across traditional payment rails. They have partnered with PayPal, Mastercard, Visa and Stripe, amongst others to fuel merchant acceptance of the digital currency. If you have cryptocurrency on these payment methods, the purpose of and use for traditional banks will surely shrink", Green said.

Cryptocurrencies and fintech solutions are already taking business away from banks. They are filling a gap left by the traditional way of doing things as the world speeds up and becomes increasingly globalised and digitalised.

“The jump into cryptocurrencies – which are the future of money – by Facebook which already has 2.7 billion users can really only be seen as another nail in the coffin for banks. Tech giants entering the cryptocurrency sector indicates that digital money, as a concept, is fully mainstream and inevitably the way the world is going. This is something we have been arguing for a long time now – despite protestations from financial traditionalists.

“Where Facebook leads, others will inevitably follow, and this will quicken the pace of mass adoption of cryptocurrencies.”

Green said: “This is a major development in the crypto-verse and it is surely just the beginning. This is set to revolutionise how people access, manage and use money across the world and it will positively disturb the wider banking sector. Banking as we have known it until now is coming to an end.”

https://fudzilla.com/news/48919-libr...ditional-banks

24th June 2019, 09:18	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,618	Libra could kill traditional banks Top financial advisor warns Facebook’s jump into cryptocurrencies is another nail in the coffin for traditional banks, according to the CEO of one of the world’s largest independent financial advisory organisations. Nigel Green, the founder and chief executive of deVere Group, was speaking after the social media giant this week set out details of Libra, its own digital currency, to be launched next year. Green said that Facebook’s launch into cryptocurrencies shows that traditional banks will decline at a quicker rate than many had previously predicted. "Facebook’s Libra cryptocurrency will be able to transact across traditional payment rails. They have partnered with PayPal, Mastercard, Visa and Stripe, amongst others to fuel merchant acceptance of the digital currency. If you have cryptocurrency on these payment methods, the purpose of and use for traditional banks will surely shrink", Green said. Cryptocurrencies and fintech solutions are already taking business away from banks. They are filling a gap left by the traditional way of doing things as the world speeds up and becomes increasingly globalised and digitalised. “The jump into cryptocurrencies – which are the future of money – by Facebook which already has 2.7 billion users can really only be seen as another nail in the coffin for banks. Tech giants entering the cryptocurrency sector indicates that digital money, as a concept, is fully mainstream and inevitably the way the world is going. This is something we have been arguing for a long time now – despite protestations from financial traditionalists. “Where Facebook leads, others will inevitably follow, and this will quicken the pace of mass adoption of cryptocurrencies.” Green said: “This is a major development in the crypto-verse and it is surely just the beginning. This is set to revolutionise how people access, manage and use money across the world and it will positively disturb the wider banking sector. Banking as we have known it until now is coming to an end.” https://fudzilla.com/news/48919-libr...ditional-banks

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