Simon-Kucher Comments on the Crypto Winter, Newly Exposed Myths, and Growth Opportunities Amidst the Turmoil for Banks.
The market downturn has dulled product development interest from traditional players, but crypto banking has become too big to ignore.
[Boston, U.S. August 10, 2022]– Simon-Kucher & Partners, a global strategy and marketing consultancy, cryptocurrency myths exposed following the market pullback, new research on the rise of crypto banking, and the potential impact on bank and wealth management revenues. In an article posted on its website, Simon-Kucher also outlined a way forward for traditional banks and wealth managers.
"The groundwork for success is often laid when conditions seem the most inhospitable," said Leo D'Acierno, Senior Advisor at Simon-Kucher & Partners. "Almost any new asset class goes through periods of hyper-growth and contraction. Contractions weed out marginal players but create space for the next wave of adoption and innovation.”
The article addresses three crypto myths exposed by the market pullback, including the belief that cryptocurrencies are an inflation hedge, that it is a form of fully decentralized finance, and cryptocurrency transactions are absolutely anonymous. It also discusses why crypto banking remains too big to ignore, and argues that despite current volatility, traditional banks have a unique opportunity to bring to market distinctive, in-house crypto banking products and services. Compared to weakened crypto rivals, banks remain stable, well-funded and better positioned to capitalize on growth opportunities.
The article is available here on the Simon-Kucher website.
Josie Lee
tel: (917) 767-4477
e-mail: josie@telluspr.com
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