Will business owners be having different conversations with their banks just 5 years from now?
Here is how I see it playing out: Present: Sure, Mr bank manager, I’m happy to wait 3 to 5 working days for funds to arrive from overseas.
Future: Almost instant transfer of assets via Blockchain. This could be done by a digital asset broker.
Present: Sure, Mr bank manager, I am more than happy for you to take processing fees, variable FX spreads, account admin charges.
Future: Race to the bottom on/off ramping spreads maybe a charge for custody, maybe!
Present: Ok Mr bank manager, I will do as you say to make your life easier and not work with suppliers in Emerging markets, stay away from digital currencies and work within tight parameters that fit within your cookie cutter.
Future: I’m looking for an account that allows me to trade in and out of 100+ digital assets as well as manage my holdings in GBP, USD and EUR. Can a digital asset broker do this for me?
Present: Ok Mr Bank manager, I accept that you cannot give me more than 1% return on the funds I have with you.
Future: I’d like to go for yield option on the digital assets I’m holding and receive 6% on the cashflow I am putting through your books.
If you run a business and value speed and transparency, you probably are already looking outside the box. All of the above is being done already by the way. Start asking questions. The future is now. Get started with GlobalBlock today, one of the leading UK digital asset brokers.