Citibank experts have recently published a report on the matter of commercial adoption of cryptocurrencies. The report states that digital assets are a mode of payment that the new generation identifies with. The report shed light that, at present, cryptocurrencies are the biggest technological innovation in the world.
Many members of the new generation who are born with the technology around them have a better trust level in cryptocurrencies. There are many people and states in the world that want to get out of the rat race of the traditional centralized financial systems. Many nations are suffering from an economic crisis as they have inherited the rigged centralized finance system. However, with blockchain and DeFi, it can change.
Crypto’s Demand Is Increasing
The officials at Citibank seem to be satisfied with the increasing demand for cryptocurrencies in the world. The report published by the bank claims that in the beginning, many people dismissed Bitcoin as a novelty item. However, today the market cap of Bitcoin alone is equal to many of the largest enterprises in the world.
The report also discussed the subject of institutional adoption of cryptocurrencies. The main requirement for cryptocurrencies needs the use of resources and tools. There are already countless options for crypto payment. The report claims that institutions have the option to adopt digital assets for exchange as well investment options based on their preferences.
The report published by Citibank discusses in detail the various tools and requirements that are required for a crypto transformation. Countless financial institutions are planning to become crypto compliant due to the increasing demand from their clients. As per the Citibank report, the fastest way for a corporate to integrate crypto payments is to use third-party agents. However, if the financial institution wants to provide direct custodian, investment, or exchange services for digital assets, they need more resources. The report stated that the traditional centralized institutions must upgrade their accounting and auditing systems to incorporate a built-in digital asset infrastructure. The report also added that these institutions also need to determine if they plan to add digital tokens to their equity, balance sheet, capital investment portfolios.
