Crypto assets and bank accounts can now be integrated
Money Dashboard is a personal finance tool in the UK, which has over 600,000 users. The institution is now allowing them to view their crypto holdings apace with their bank accounts, along with other financial products of the application.
Users will be able to utilize the Money Dashboard app to access the balances of their accounts alongside the transactions they have made on exchanges such as Binance, Coinbase, and Bitstamp.
This service will be issued in association with Zabo, which is a cryptocurrency software company that intends to connect bank accounts to digital currency wallets. In this case, Zabo aims that the integration of crypto with traditional finance through collaborations with financial services companies becomes easier.
The Financial Conduct Authority (FCA) is a financial regulatory body in the UK and operates independently of its Government. It estimates that approximately 1.9 million people above the age of 18 hold cryptocurrency and this number continues to grow, making it necessary for financial institutions to approach the digital currency market and facilitate their transactions.
In the post-Brexit era, the UK government needs to acknowledge cryptocurrencies, so London and the entire nation could be placed at the center of a "reputable and safe" financial market, the non-executive chairman of Shore Capital Markets stated. To make all of this possible, regulations should be recalibrated so the London market would compete with bigger markets globally.
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