Nick Ducoff, Head of Institutional Growth at the Solana Foundation, has advocated for banks to embrace public blockchain technology in order to avoid losing out in the "internet financial revolution." He believes that the Federal Deposit Insurance Corporation (FDIC) should support such innovation for the benefit of customers. Ducoff warns that FDIC restrictions on using public blockchains could stifle innovation and cause US banks to miss out on major opportunities. He argues that banks should see public chains as an opportunity to expand services and reach new customers, and should focus on leveraging the benefits and mitigating the risks. Ducoff believes that public blockchains are more efficient than private blockchain networks currently used by banks. He highlights several benefits of adopting public blockchain technology, including making networks safer, preventing financial crimes, securing digital assets, and deepening liquidity pools. Ducoff believes that banks must adapt to the new financial system or risk becoming obsolete.



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