Credit Suisse Digital Assets Head: Culture Is Holding Back Wall Street From Embracing Blockchain

Emmanuel Aidoo, the head of digital market assets at Credit Suisse, explained that culture is holding back Wall Street banks from embracing blockchain technology. Mr. Aidoo said that during an interview with Business Insider on April 23.

Banks Are Reluctant To Embrace Blockchain Technology

Banks seem to have a cultural problem that does not allow them to embrace blockchain technology. Aidoo explained that the unwillingness that banks have to adopt distributed ledger technology (DLT) lies in the culture these financial institutions have and is not related to the technology’s immaturity or few use cases.

About this issue, Aidoo commented:

“What is preventing the banking industry from rushing into it? I think it’s mostly culture. I think the tipping point is about having an entrepreneurial culture, a willingness to push people to keep asking why.”

Aidoo has also mentioned that there will be new meaningful rollouts of blockchain-based products in the market. Indeed, there are some financial institutions that are already releasing blockchain-based products. One of these banks is JP Morgan Chase with its blockchain network Quorum and its virtual currency JPM Coin. The JPM Coin is expected to be used among partners of the bank to reduce transaction costs and times.

Back in February this year, Credit Suisse and the Portuguese Banco Best completed a blockchain fund transaction, showing that there are potential implementations in the financial sector for DLT. Moreover, ING has also worked side by side with Credit Suisse in order to complete the first live transaction of €25 million in securities using the R3 Corda platform.

Ripple is one of the largest companies working in the cryptocurrency market that is offering services to financial institutions. There are already 200 firms that partnered with the San Francisco-based firm. The main services offered by Ripple are related to cross-border payments and transactions.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $155.42B $8,768.4456 9.31% $8.72B
ETH $28.56B $268.8255 7.73% $3.06B
XRP $17.32B $0.4113 7.67% $762.59M
BCH $7.72B $433.6483 9.03% $658.18M
LTC $7.08B $114.2279 12.17% $1.45B
EOS $6.37B $6.9719 9.91% $994.64M
BNB $4.82B $34.1742 1.17% $345.22M
USDT $3.09B $1.0077 0.41% $7.68B
XLM $2.58B $0.1336 7.86% $63.46M
ADA $2.23B $0.0861 7.04% $87.99M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here