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Traditional Finance Industry's Divergent Views on Crypto Services: Survey Findings

Sep 5, 2023 at 05:48 pm

According to a survey conducted by the World Federation of Exchanges (WFE), traditional financial exchanges have a mixed stance on the provision of cryptocurrency-related products and services.

In this study focusing on cryptocurrency trading infrastructure, the WFE reached out to its member exchanges, and the results revealed that 12 out of 29 respondents (41%) were already offering cryptocurrency-related products or services. Additionally, seven exchanges expressed their intentions to offer such services in the future. However, more than a third of the exchanges indicated that they had no immediate plans to delve into the crypto space.

The survey also highlighted a disparity in the level of demand between retail and institutional investors. Generally, there appeared to be a greater demand for cryptocurrency products among retail investors. Moreover, the types of products requested varied, with retail investors showing more interest in non-fungible tokens (NFTs) and stablecoins, while institutional investors leaned towards security tokens and custody services.

Only a quarter (26%) of the survey respondents anticipated that cryptocurrencies would achieve mainstream acceptance within the next five years.

It's worth noting that this survey was conducted between May and July 2022, prior to the significant collapse of the crypto exchange FTX. This event sent shockwaves through the cryptocurrency industry and further underscored concerns related to cryptocurrency, particularly regarding issues such as opaque business practices and a lack of regulatory clarity.

The World Federation of Exchanges boasts a membership of over 250 organizations, including renowned entities like Nasdaq, Deutsche Boerse, and Switzerland's SIX Group.

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