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If crypto is ever going to be widely adopted, it needs a makeover.
In this episode of Stocks in Translation, Markets and Data Editor Jared Blikre and Producer Sydnee Fried are joined by Keith Bliss, founder and CEO of Blox, a crypto brokerage firm.
Today's focus is the crypto world and its major roadblock: debanking—also the word of the day. As Blikre explains, debanking is the act of denying or revoking banking services to an individual, business, or entire industry.
Debanking primarily affects cash-handling businesses and those involved in digital assets, such as cryptocurrencies.
“They have a misunderstanding of what the companies are actually doing. And their primary concern, from what we can glean, is that they're worried about those companies are laundering money in the form of these assets,” says Bliss.
The crypto space has long been shrouded in uncertainty.
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Bliss argues, “There is more money laundering done every day with cold hard cash than has been done with digital assets in the last 10 years.”
He also points out, “It's much easier to catch money laundering in the digital world than it is in the fiat world… that is all logged on the blockchain, you know where it is,” says Bliss.
“Debanking is real. It needs to stop,” Bliss asserts. “The only way that new technologies and innovation will be allowed to flourish is if the banks are allowed to provide service, uh, to those companies.”
Twice a week, Stocks In Translation cuts through the market mayhem, noisy numbers and hyperbole to give you the information you need to make the right trade for your portfolio. You can find more episodes here, or watch on your favorite streaming service.
This article was written by John Tejada.