State Street to develop a cryptocurrancy exchange - The Banks are here

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It's amazing how fast or how slow things move on the top end of town. It feels like yesterday that the entire banking sector and governments were fixated on taking down the cryptoshphere claiming it was funding terrorism and destabilising economies.

The cultural battles raging for almost over a decade and in that time Bitcoin price fluctuations were striking hard pumping and dumping. Fear held me back, oh to see it at $7000 again, or even $20,000 never in my mind did I think it could do so well, many others to wish they saw it coming. The signs were there but that's OK I'm flooded in CUB Finance these days. Nor much but a nice little nest egg that will keep building and each week I buidl a little more. If I had of done this with Bitcoin, I don't know where I'd be right now.

Mainstream Investment options coming

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With that, it hasn't taken long for the big banks to get involved now that wealthy business men and women are sinking cash into cryptocurrancies. The latest announcement by State Street which is partnering with Arcane's Pure Digital a tier one exchange focused on banks to develop a cryptocurrancy exchange.

State Street, founded in 1792 is America's second oldest bank and currently ranked 14th largest bank in the United States. With $US3.1 trillion in assets under management it is one of the largest global trading banks.

The financial stability board also ranks the bank as significantly important to the financial stability of the globe. So it's entry into cryptocurrancy offerings is of significance to the sector.

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Pure Digital is a UK based project of Arcane Crypto which currently hosts offerings for

-Crypto payment options
-interbank trading platform
-crypto liquidity trading
-Crypto fiat exchange and brokerage
-crypto hedge fund
-crypto market research

With this announcement the service is looking to be operational mid 2021 no doubt after the financial year to allow people a full trading year and not cause issues with tax.

XLM and XRP have been trying for years to get into this space and it looks like XRP might finally get its wings if it is selected as the preferred token for transferring interbank transfers.

States Street's partnership with Arcane Crypto will likely add another trillion dollar market cap growth to the industry providing an ease of use and accessibility for mainstream and mum and dad investors looking for the security of a major bank as well as an easy access point to transfer fiat to crypto.

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The platform is tipped to host a heap of assets which you can choose from and the bank will remain custodian of the asset. But the asset will be assigned to you, as always Bitcoin and Ethereum will be a focus (opinion) and will surely see a significant growth in market cap and price.

I find this interesting, Ethereum was on its way out and it's the banks entry that has saved it from utter collapse due to high fees. Anyone whose involved in crypto should be paying attention to this outcome. A centralised power base supporting the survival of a decentralised financial system through development.

Now, it's not that the banks care what crypto rises and falls they're after the fee money generated through investment. People will flock to ethereum and bitcoin because they are blue chips. Not that they have good use cases (yet) but in the future I reckon we will definitely see Bitcoin implemented as a digital currency and who knows, even by 2021 ends.

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It's hard in my opinion, I'm watching all these changes, seeing trends emerge but so far all my investments have been Hive, CUB an Leo including investing in Hive Block Chain projects. I sit here thinking am I making the right decisions?

I've been on the block chain for 4 years, produced a total of 1300 posts as evidenced by @hivebuzz that's less than 1 post a day. I have never engaged in Bidbots and went unnoticed for years.

I enjoy engaging with people, I like making friends, I care very little about what people say and I believe in free speech. If I don't agree with you I don't really engage with it, we might discuss it if it's being opened for discussion but I'm not going to not be your friend because you hurt my feelings.....

I love this block chain, it was an escape from reality through lock down, I've made new friends, shared moments and even had support provided with homeschooling with the @homeedders wonderful peeps!

I hope that we can also provide this same positive experiences to many more people and get Hive noticed when all these big banks start throwing people's money at cryptocurrancy and block chains.

What are your thoughts on the emergence of mainstream entering the decentralised world?

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