Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?submitted by mickhagen to genesisblockhq [link] [comments]
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
BinanceThe most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Can they create a cohesive & united product experience?
Binance WeaknessesBinance is strong, but they do have a few major weaknesses that could slow them down.
Binance Wrap UpI don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
CoinbaseThe crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.
Coinbase StrengthsLet’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
Coinbase WeaknessesLet’s now look at some things that could hold them back.
Coinbase Wrap UpAt Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.
Honorable MentionsOther US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.
Wrap UpCoinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
Other Ways to Consume Today's Episode:
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
Best for crypto trading Binance. ifaucet.net combines variety of websites and payment systems, where you can earn such cryptocurrency as Bitcoin (BTC), Dogecoin (XDG), Litecoin (LTC), DASH, Peercoin (PPC), Primecoin (XPM), Ethereum (ETH) and also traditional rubles and dollars without any investments from the beginning. We are working full time in order to improve our system, for you to have ... Binance: Bitcoin Marketplace & Crypto Wallet. Published: March 15, 2020 This Android app was first launched on 25th October 2017 and currently has more than 5000000 downloads, a 4.6 stars rating from 54454 users and the latest release is version 1.28.1. Founded by Wences Casares in 2013, Xapo offers digital asset storage via bitcoin wallet and custodial cold storage vault, as well as a bitcoin-based debit card, to individuals and institutions. Bitcoin is like a gateway through which we enter and exit the cryptocurrency market. We can buy Bitcoin from different online platforms (Binance, XAPO, Coinbase, etc.) These platforms (entry and exit gates) have the function of offering us the possibility to buy Bitcoin with FIAT money (Euro or dollars) and vice versa to sell Bitcoin for FIAT ... Earning bitcoins as one more way to make extra money online.In this section, we’ll talk about cryptocurrencies, and refer to Bitcoin and other relevant Altcoins.. To understand what Cryptocurrencies are about, we’ll make a brief introduction and explain how it works without going into much detail, to get the basic concepts to earn the most Bitcoins in the best way, as after all, that’s ... This is a Bitcoin Wallets Review 2017 and The Guide on How to find Best Bitcoin Wallet.. On This Bitcoin Wallets review 2017 We’ll show you how to start with Bitcoin, how to set up a secure online wallet, and finally how Bitcoin can become a way to make money online.. Without a Bitcoin wallet, you can’t send or receive Bitcoin payments. On the web we find many sites (PTC and the like) that allow you to earn Bitcoin and other cryptocurrencies (altcoin); these are sites that reward you for performing simple tasks or just for signing up for them. They usually take very little time and can earn you a fair bit in bitcoin and / or altcoin. Taking into account that these currencies could still greatly increase their value, it could ... Xapo Referrals, Promo Codes, Rewards ••• $10 in Bitcoin • September 2020. Explore . New post. My codes 🤓 Post your codes 🔥🎁 Earn rewards! 👀 Features Referral programs Popular Just added Categories Bookmarked Products I posted Pages I edited People Leaders My matches 🔥 My tribe Invite friends Extension Sign in ... Xapo (Gibraltar) Limited is a company registered and incorporated in Gibraltar with company No. 111928. Xapo (Gibraltar) Limited is licensed and regulated by the Gibraltar Financial Services Commission under the Financial Services (Electronic Money) Regulations 2011 as an "Electronic Money Institution" with license No. FSC0063BNK.
[index]          
Learn the basics of Bitcoin Trading in Philippines for beginners. In this video I will show how to Buy and Sell or Trade btc to other altcoins. I will also s... paano mag invest sa bitcoin, paano kumita gamit ang coins.ph, Coins.ph farming tricks free bitcoin, earn money online, Captcha typing job Free captcha #coins.ph #binance #2020 #trading #gcash #paymaya 🔲 My Top 3 Recommended Exchanges 🔵 Phemex http://bit.ly/JackPhemex - $120 FREE Bonus 🟠 Bybit http://bit.ly/JackBybit - FREE $390 Code: CRYPTOJACK300 ... earn bitcoin earn satoshi bitcoin 2016 BoomFaucet - a fun and exciting game to collect Bitcoins. Feel free walking through a minefield sector to sector and earn Bitcoins. But beware of big bombs ... Earn Money With Mobile phone - ෆෝන් එකෙන් සල්ලි හොයන්නේ මෙහෙමයි - Duration: 14:37. tecHCD Recommended for you 14:37 Hello Dosto In this video i have explained all the details and process of lending your coins on binance and make money 🔥Join us on telegram for some quick ... !!👨💻 SET UP A BINANCE US ACCOUNT 👩💻 !! https://www.binance.us/?ref=35000644 🔐 LEDGER NANO X 🔐 Order Here: https://www.ledgerwallet.com/r/6057 ... 👨🏼💻Make Money With Crypto (*NEW* FREE TRIAL): https://bit.ly/39htfpK 👨🏼💻3commas: http://bit.ly/2ZJcfFu 👨🏼💻Bybit ($90+ Bonus): http ... HI FRIENDS HERE IS ONE MORE AMAZING FAUCET WHERE U EARN BINANCE TOKEN AND BAT TOKEN FREE SO FOR MORE DETAIL WATCH FULL VIDEO BEST CHANGE FAUCET EARN UPTO 1000 SATOSHI PER CLAIM https://www ... #Binance earn money online 2019, earn money online philippines 2019, earn money online legit, earn money online using phone, earn money online philippines student, earn money online android, earn ...