Deutsche Bank Teams Up With Bullish for Crypto Business Banking
Bank of America (BOA) has partnered with crypto platform Coinbase to offer business banking services. The collaboration, subject to regulatory approval, brings together a traditional banking giant and a fast-growing crypto exchange.
Coinbase, launched in 2012, has already processed a staggering $1.5 trillion in transactions. It handles over $2 billion daily, ranking it among the world's top ten largest Bitcoin exchanges. Bank of America, seeking to tap into the burgeoning digital assets market while maintaining its classic businesses, has partnered with Coinbase to become a 'global house bank' for the digital economy.
The collaboration initially covers Hong Kong and Germany, with plans to expand to the USA and other markets as Coinbase broadens its regulatory reach. The partnership is set to extend to U.S. customers as Coinbase strengthens its global presence. Both Hong Kong's SFC and Germany's BaFin will oversee the collaboration, adding credibility to the venture.
Bank of America's partnership with Coinbase signals the bank's commitment to the digital assets market. The collaboration, subject to regulatory approval, will initially cover Hong Kong and Germany, with plans to expand globally. This move positions Bank of America as an early player in the rapidly growing digital economy.
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