The limited adoption of blockchain and cryptocurrency is not to because of any shortcomings in their technology or a lack of use cases. According to Credit Suisse’s head of digital market assets Emmanuel Aidoo, it is instead because banks and bankers are resistant in being open to them.
Aidoo made his opinion known to Business Insider (Apr 23), saying dominant banking culture is the main reason why the likes of Wall Street have not warmed up much to blockchain so far. He believes banks are keen on retaining the current status quo, and therefore not in favour of accepting such new technology in the financial industry.
“What is preventing the banking industry from rushing into it? I think it’s mostly culture. I think the tipping point is about having an entrepreneurial culture, a willingness to push people to keep asking why,” Aidoo added.
On a brighter note, however, Aidoo thinks that this year will see more interest in blockchain in terms of how it can benefit the management of cost profiles.
Global investment bank Credit Suisse itself is not unfamiliar with blockchain. In February, it partnered Portuguese Banco Best to finalize blockchain-powered end-to-end fund transfers. Last month, Credit Suisse and fellow industry player ING conducted a $25 million live transaction on R3’s Corda blockchain platform.