During a panel of incumbent financial institutions at Digital Assets Week, the moderator asked whether they see the biggest cryptocurrency exchange Binance as a threat. Hervé Francois, Digital Assets lead at ING, responded, “It reminds me of when we asked a similar question to the CEO of Blockbuster regarding Netflix. At that time, he said they’re not on our radar. And we know the rest.”
He followed up by saying that the bank is keeping an eye on all newcomers. When cooperating with fintechs each party brings different things to the table. The bank has a customer base, regulatory experience, and knowledge of certain kinds of financial assets whereas the fintechs innovate faster.
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