While some see crypto and digital asset services as a negative for traditional finance, more specifically, smaller firms, the reality is quite different. All forms of finance will enter the digital age including digital assets like tokenized securities, stablecoins and other assets.
This week, Coinbase (NASDAQ:COIN) announced a partnership with Stablecore to provide digital asset services to community banks and credit unions including trading and payments. The goal is to support over 3000 institutions to grow services by updating platforms.
In a blog post, Alex Treece, co-founder and CEO, Stablecore, explained that banks and credit unions should not need to migrate to an entirely new platform to stay up to date. The Stablecore platform can provide digital asset services by working with Coinbase.
Coinbase will provide the scaffolding to support regulated digital asset infrastructure including custody and exchanges. Stablecore will manage the integrations and enable digital asset services as part of their core banking product.