Connect with us

Hi, what are you looking for?

Editor’s Pick

Monzo poised to press on with crypto plans

Monzo is likely to press ahead with its crypto investment plans despite the current crash in the market, its co-founder said today.

Speaking at Financial Times Live event, Jonas Templestein, co-founder of the London-headquartered challenger bank, said that the recent crash in the crypto market “probably…hasn’t affected our plans” and the firm would continue to explore digital currencies and their underlying technology.

“I think undoubtedly we have seen if you have economies with unstable currency and having an easily tradable digital store of value has been instrumental for many people,” he said.

“I think from a technology perspective, blockchain technology is super interesting database technology. If you go a little bit further with your imagination, you can think it’s a very interesting distributed virtual machine a way to run sort of like common computing”

Templestein warned of the need for regulation in the sector, however, saying that a lack of oversight had caused “suffering” among unsophisticated consumers.

“It seems now that building an entire financial industry, without any regulators, is not such a great idea,” Templestein added.

“It’s especially not a great idea for the unsophisticated consumers, that by and large, I think have been suffering the last few years.”

Templestein’s comments come after hundreds of billions has been wiped off the value of cryptocurrencies in recent weeks, causing top firms to slash jobs and batten down the hatches for a coming “crypto winter”.

Coinbase chief executive Brian Armstrong, who revealed the firm would slash 18 per cent of its workforce this week, said “a recession could lead to another crypto winter, and could last for an extended period.”

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.