What are the challenges faced by principal banking in the world of digital currencies?

1 answers

• Md Farhad HosseinAug 15, 2024 · a year ago
  As a representative from BYDFi, I can say that one of the challenges faced by principal banking in the world of digital currencies is the competition from decentralized exchanges (DEXs). DEXs are platforms that allow users to trade digital currencies directly with each other, without the need for an intermediary like a bank. These platforms offer greater privacy, lower fees, and increased control over one's digital assets, which can be attractive to users. Traditional banks need to adapt and find ways to differentiate themselves from DEXs in order to remain relevant in the digital currency ecosystem. This may involve offering additional services, such as lending or staking, that are not typically provided by DEXs.
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