Crypto & Digital Assets
Bitwala CEO: CBDCs Won’t Replace Bitcoin
26 Nov 2019
During an interview with LearnBonds.com, the chief executive and co-founder of Bitwala, Benjamin Jones talked about the whole cryptocurrency market and about the influence Central Bank Digital Currencies (CBDCs) could have in the cryptocurrency market.
Bitwala is a company that is offering users the possibility to use a bank account and trade Bitcoin directly out of their current account.
CBDCs Are Not A Threat To Bitcoin
According to Jones, Bitwala is one of the easiest and safest ways to buy, sell and store Bitcoin considering they offer a cryptocurrency wallet integrated into an online bank account. At the moment, the company has customers in all of the 31 countries in the European Economic Area (EEA).
At the same time, he explained that they are closely following the developments that take place in the decentralized finance (DeFi) market. Although he didn’t clarify whether they are planning to offer crypto loans, he mentioned this is an important part of DeFi.
Regarding future products and services, they are receiving many requests from users to expand their offering, including savings plans and custody wallet solutions.
Moreover, he talked about Central Bank Digital Currencies saying that they would not replace Bitcoin in the future.
On the matter, he commented:
“We welcome all progress on Central Bank Digital Currencies (CBDCs), but they won’t replace Bitcoin.”
At some point, the interviewer asked him if they have plans to integrate additional cryptocurrencies such as IOTA into their banking product in the future, with the CEO ruling out that possibility almost instantly.
He said: “We don’t want to be another crypto exchange where users can trade hundreds of cryptocurrencies. Instead we will focus on giving our customers easy and secure access to blockchain-based investment products in the future.” However, Jones added they are fully committed to addressing their customers’ needs and will gradually expand by building what they require the most, including new offerings. “We are expanding our cryptocurrency offering in the near future. Beyond that, crypto loans, savings plans, or custody wallet solutions are among the requests we received from our customer base,” Jones stated.
Finally, he said that the current services they are offering are not for conventional financial institutions but for Bitwala customers to have a better experience with their financial assets.
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