Brian T. Moynihan, CEO of Firm of America, told Yahoo! Finance that the bank was not in a hurry to become involved in cryptocurrencies.
Bank of America Still Doesn’t Want to Get Into Crypto
Bank of America is unlikely to make a substantial foray into the cryptocurrency market in the near future. When asked by Yahoo Finance Live at the World Economic Forum whether he believed that the corporation was losing out on the next great thing by not aggressively pushing into crypto, Brian T. Moynihan, CEO of Bank of America, said no.
They have everything they need. Moynihan is certain that they are responsible for the skyrocketing costs. A valid use case for cryptocurrencies is cross-border payments, but Moynihan added that tight regulation prevented it from interacting with this new commodity.
According to Moynihan, their main focus is on assisting Americans in managing their own finances successfully. It’s just been three years since they began offering financial and life planning tools to their four to five million subscribers. In order to assist others, you must teach them how to make their money do more for them.
That his bank has made great strides in digitization was emphasized by Moynihan by noting that they operate a payments company on their platform. It cost billions of dollars a day to operate. In addition, the vast majority of it is in the form of digital files.
It is estimated that digital channels account for 53 percent of Bank of America’s customers’ sales. 54 million digital customers are estimated by Moynihan. A specialized crypto research team was established by the bank in July.
Even though Bank of America has more blockchain patents than any other financial business in the world, the bank isn’t completely convinced on the technology. Bank executive board member Cathy Bessant said that she was negative on the blockchain in 2019.
