Olá pessoal!
I’m excited to share a panel that I hosted at Merge Buenos Aires last month as a special edition of Brazil Crypto Report.
This conversation explored how banks and TradFi institutions are looking at digital assets in 2025, and gave a behind the scenes look into the U-turn that we’re seeing happening in real time.
The discussion highlighted a paradigm shift in crypto markets — transitioning from retail-driven enthusiasm to institutional leadership. This evolution comes as regulatory frameworks like MiCA in Europe and policy changes in the U.S. have created a more hospitable environment for traditional financial institutions to engage with digital assets.
Our panelists included:
- Coty de Monteverde, Global Blockchain CTO at Banco Santander
- Kaushal Sheth, Head of US Sales at BlockDaemon
- Federico Goldberg, CEO at Manteca
- May Michelson, Director of Global Sales at GK8 by Galaxy
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Key Insights:
Regulatory Clarity Driving Adoption: With MiCA implementation in Europe and policy shifts in the US, banks are rapidly forming blockchain teams and developing digital asset strategies
Regional Adoption Patterns: While European banks are responding primarily to regulatory clarity, Latin American institutions are being driven by customer demand and economic factors like inflation
Institutional Focus Areas: Banks and financial institutions are particularly interested in three key areas:
Bitcoin as an investment asset
Stablecoins for payments and cross-border transactions
Tokenization of traditional assets
Security Standards Evolution: Financial institutions require institutional-grade security protocols that far exceed typical crypto exchange standards, with particular emphasis on custody solutions and smart contract security
Bank-Backed Innovation: Santander has pioneered blockchain initiatives for nine years, moving from enterprise use cases to digital securities, participating in CBDC projects, and offering crypto services in select markets
Implementation Considerations: When selecting partners, institutions should evaluate:
Regulatory compliance frameworks
Security infrastructure and protocols
Technical expertise and redundancy
Cost-effectiveness of build vs. buy strategies
The panel noted that banks increasingly recognize that failing to enter the digital asset space means potentially losing customer engagement to more innovative players. As May Mickelson from GK8 observed, "Everybody down trying to get in... every bank is really pushing to have a blockchain team."
I enjoyed this conversation and I hope you do as well! Big thanks to the Merge team for the opportunity!
-AWS
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