In “Banks Are an Odd Place to Keep Your Crypto” (Bloomberg, 13 Jan. 2022), K2 Integrity shares insight on the pros and cons of choosing a traditional financial institution to manage digital currency. It is not that banks are better than VASPs, or that VASPs are better than banks. There is room for both in the landscape, but average customers are more likely to gravitate toward banks to dip their toe into the crypto pool, considering the trust, regulation, and predictability surrounding an organization they’ve historically done business with. Although, when it comes to security and cost, exchanges would have more specific expertise with cryptocurrencies and would be able to assess lower transaction fees.
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