US Regulatory Clarity to Spark Bitcoin Boom, Says Hex Trust CEO
According to Hex Trust CEO Alessio Quaglini, clarity in the US regulation will open the next wave of Bitcoin. Banks that will lead adoption all over the world.
The next world surge of Bitcoin is about to take place in the U.S. According to Alessio Quaglini, the CEO and Co-founder of Hex Trust, one of the largest digital asset custodians, the key to this is stricter regulations.
According to Quaglini, Bitcoin custody will be offered by all banks in the U.S. in a few months.
He believes that soon banks will start offering Bitcoin deposits, trading, and structured products. It is the point at which actual adoption will begin.
According to Quaglini, digital assets have been tested by the world banks, but they have not launched services. The delay has been ambiguous American policies.
The bottleneck is regulation, he said. The new openness by Washington is an indication of a breakthrough.
He has observed that the perception of Bitcoin is already good. The last component has always been a formal regulatory approval that the banks have to be wholly committed to.
Stablecoins may overturn Traditional Systems.
The CEO of Hex Trust also emphasized the disruptive nature of stablecoins. He says that the stablecoins will destabilize cross-border payments as they will substitute the old SWIFT system. Quaglini called them stablecoins, programmable money.
They provide a quicker, less expensive method of transferring money abroad. This will affect the money transfer giants such as Western Union.
Rise and Market Position of Hex Trust.
Hex Trust was established in 2018 and caters to institutions as a custodian, staker, trader, and lender. It has Hong Kong, Singapore, Dubai, and European licenses.
The company estimates revenue of 20 million dollars by the year 2025, with hundreds of millions, and finally an IPO.
Quaglini also sees Hex Trust as the J.P. Morgan of crypto in Asia. The company has raised seed capital for more than 200 employees and one million subscribers.
Ushering in an institutional change leads to long-term growth.
Quaglini, who was a former banker, became a first-time Bitcoin buyer in 2014. He observes that the current market has changed hands of early holders into institutional players such as asset managers and banks.
These, he added, are players who hoard, such as central banks hoarding gold. As soon as the American banks migrate, the rest of the world will follow, and Bitcoin will become mainstream.
This observation is insightful since counterparts such as Coinbase and Galaxy Digital are under pressure to diversify due to the volatility in the trading industry.
To prevent such swings, Hex Trust has bent its efforts towards institutional and custody services.
Overall, the U.S regulatory environment is the bellwether of the world. Certainly, there will be a wide institutional adoption and lead to the next wave of Bitcoin.
The post US Regulatory Clarity to Spark Bitcoin Boom, Says Hex Trust CEO appeared first on Live Bitcoin News.
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