• Charles Hoskinson of Cardano urges abandoning banks amidst ongoing crisis
• Regulators have been targeting crypto-friendly banks
• Bitcoin and altcoins are delivering a strong rally despite the banking crisis
Crypto Needs to De-Risk: Charles Hoskinson of Cardano Urges Abandoning Banks Amidst Ongoing Crisis
Charles Hoskinson, founder of Cardano, recently called for crypto to de-risk itself from „unstable and volatile banks“ in response to US regulators targeting crypto-friendly banks. This comes as Bitcoin and altcoins continue to deliver a strong rally despite the recent banking crisis.
Regulators Targeting Crypto-Friendly Banks
The failure of some banks to offer services to crypto firms has led many speculations that regulations are specifically targeting these crypto-friendly banks. Last week, US regulators took action when they intervened announcing a shutdown of the Silicon Valley Bank and Signature Bank. This could potentially have implications for the entire industry including tokens markets and stablecoins.
Crypto Industry Veterans React
The latest developments have drawn reactions from veterans in the industry. In a tweet earlier this month, March 15th, Cardano’s founder Charles Hoskinson said that it was time for cryptocurrencies to break free from the instability of traditional banking systems saying „the moment we can digitize treasuries, it’s game over for banks“.
Cryptocurrency Market Showing Resilience
Despite recent challenges posed by regulators and traditional banking systems, cryptocurrencies have continued to grow with Bitcoin showing impressive resilience by surging past $25K mark. Other altcoins such as Ethereum (ETH), Ripple (XRP), Tron (TRX) etc., are also doing well too leading many optimists in the industry to believe that digital assets will eventually replace traditional banking systems.
The cryptocurrency market is continuing on its path towards growth despite facing challenges posed by centralized institutions such as traditional banking systems and regulations. The call for “crypto de-risk” comes at an important juncture where digital assets seem poised to take over where traditional financial systems have failed us.