Podcast: Is cryptocurrency on your radar?

If you’ve decided your financial institution is too traditional to get into the cryptocurrency market, it might be time to rethink that.

In this month’s Bank on Wipfli podcast, Wipfli’s blockchain and digital assets lead, David A. Canedo, and host Robert Zondag discuss the myths around crypto, how cryptocurrencies are being used and what opportunities exist for financial institutions in the cryptocurrency space today.

While bigger players will have certain advantages, size doesn’t really make a difference.

“Banks could potentially have greater AML exposure by not offering cryptocurrency services to customers,” Canedo says.  “This is because customers will instead send funds from other exchanges and the banks won’t know the source of these.  By offering cryptocurrency services, on-chain data can be analyzed to recognize patterns and red flags.”

While many of these technologies are reaching their mature phase, we are still early in adoption so it is important to be flexible as you learn more information. 

Listen to learn more about cryptocurrency.

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• How to accept crypto as payment