Kraken Boss Believes Crypto Firms Will Replace Banks In 10 Years

Jesse Powell, the Kraken boss believes that crypto companies will be a real threat to traditional finance and could replace banks in a decade so let’s read more about it in our latest cryptocurrency news.

While some legacy businesses are making huge moves into the crypto space, Powell noted that those who stay sidelined will be replaced:

 “we’ve seen the tremendous traction that Cash App has had. PayPal, fortunately for them, they’ve been on the ball. I think you’re going to see more of that, and people who aren’t keeping up with that, I think their days are numbered.”

After a delayed Nasdaq listing that was initially scheduled in March, it looks like the Coinbase IPO will take place on April 14. Reports vary but some sources think that the company’s pre-IPO price will be worth up to $100 billion. This could make Coinbase even more valuable than other banking institutions like Santander and Barclays. The crypto exchange has plans to go public in 2020 as well and as the Kraken boss explained, this could happen at the right price. It was reported that he sees the company’s valuation around the billion marks.
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When asked about the figures, Jesse Powell said that they are justified and commented further that Kraken was built from the ground up:

 “We’ve built the whole stack from custody to settlement to matching to clearing to payments. So, we’ve had to build the whole stack because nothing was there ten years ago when we got started with this.”

He continued to say that the crypto companies are the future and they could replace an entire system:

 “Most of these guys haven’t done the work these last ten years to make sure they are current with the crypto technology. So I think there’s a very real risk that over the next ten years, for those legacy businesses to be simply replaced.”

Grayscale reported that more than 50% of the total 2020’s inflows came in the final quarter of the year and this period is regarded as the penny drop for corporate crypto acceptance:

 “Grayscale experienced increased investor demand, with approximately $3.3 billion of inflows. Investment into the Grayscale family of products surpassed $5.7 billion during 2020, more than four times the $1.2 billion cumulative inflow into the products from 2013-2019.”