Be Your Own Bank

TechCrunch

Editor’s note: Sonny Singh is the chief commercial officer of BitPay.

Digital currencies have come and gone, and despite the astonishing rise of bitcoin’s popularity over the past 18 months, the majority of the population has yet to board the bitcoin bandwagon.

One of the things that has plagued digital currencies in the past has been the perception that they are a solution in search of a problem. Does anyone really need digital currencies like bitcoin? Who are they intended for, and what purpose do they really serve?

Banks are focused on growth

As the recession recedes into a distant memory, banks have begun to shift strategy – moving from containing costs and mitigating risks to focusing again on growth. A recent survey of 100 banks showed that in 2014, bank CIOs believed that the underbanked offered the second-greatest revenue opportunity over the next three years (second only to the “Mass…

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