CEO of Nasdaq expressed that the company may “consider becoming a crypto exchange over time,”, suggesting that its more of a question “when” rather than “if”. Now, a question was asked to the Twitter community regarding Deutsche Bank (DB), last Thursday. The question was essentially about whether should Deutsche Bank become a crypto exchange.
Joseph Young, a finance and cryptocurrency analyst wrote on Twitter, that in his opinion Deutsche Bank should focus on rebranding. According to Young, DB should leave its plans for restructuring and rebrand into a cryptocurrency exchange. The reason: crypto sector will take over the finance industry anyway.
Now, the idea of such rebranding was never mentioned by the Deutsche Bank. This however, doesn’t mean that he isn’t on to something. Some cryptocurrency exchanges already surpassed some of world’s largest banks as far as profitability goes. In Q12018 Binance reported a profit of $200 million, while the DB made “only” $146 million.
The Twitter responses varied. Some suggested that the DB is already in trouble and such move would have been only a “a last throw of the dice.”. Some, on the other hand, suggested that the bank should look more into the Blockchain technology, rather than jumping straight into crypto.
There were also negative reactions of course. One of the users actually expressed that there is “no need for another internationally acting criminal organization entering here [the crypto market].”
What are your thoughts on major banks entering the crypto-shpere? Let us know in the comments below!