The Bank of America CEO Brian T. Moynihan revealed that the United States’ second largest bank isn’t hopping on to the crypto sector anytime soon.
Brian T. Moynihan was replying to a question at the World Economic Forum in Davos. The query was if he thought the bank was missing out on the next big thing by not pursuing crypto aggressively.
Moynihan, who has led BofA’s digital banking revolution for the past 12 years, stated that the bank is tightly regulated which prohibits it from going all-in on crypto.
“Our big thing is helping consumers in America have a successful financial life. Our life plans, financial planning tool— four or five million users— only started three years ago. That’s what you need to do, is get people to learn how to make their money work more for them to help in their lives,” the BofA CEO stated.
Bank of America is one of the United States’ Big Four banking institutions. It competes with JPMorgan Chase, Citigroup, and Wells Fargo for around 10.73% of all American bank deposits.
Unlike BofA, JP Morgan Chase- the largest bank in the United States is a crypto-friendly institution. Just a few days back, JP Morgan used blockchain for collateral settlements transactions. In the upcoming months JP Morgan is planning to expand tokenized collaterals to include equities, fixed income and other asset types.
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