By Dave Donovan Executive Vice President at Publicis Sapient
After revolutionizing equity trading for the masses, Robinhood now announced the launch of crypto wallets, signaling its entrance to the next financial revolution. More than 2 million people have been on the app’s waiting list for such a feature since last year. That’s not so surprising, as anyone who wants to transact on metaverse platforms, acquire NFTs, engage in cross-border transactions or enter the growing crypto-trading market needs a crypto wallet. But this immense demand by consumers like you and me is also a lot of lost business for banks, who have for the most part hesitated to offer crypto services for retail customers, especially in the United States. And it’s more than that: As long as banks continue to sit out the crypto game for retail customers, waiting for regulation, while fintech startups and foreign central banks, including in China, where the digital yuan is growing in popularity, continue to innovate and capture the immense consumer demand for digital currency services, the American banking sector risks falling behind.
