How U. S. Rules Could Boost Crypto Adoption

The U. S. is taking steps to make cryptocurrency rules clearer. This could lead to more banks offering Bitcoin services. Alessio Quaglini, CEO of Hex Trust, thinks this will happen soon. He believes banks will start providing Bitcoin deposits, trading, and even structured products. This could be a big deal for crypto adoption. Globally, banks have been testing digital assets but held back due to unclear U. S. regulations. Quaglini says the perception of Bitcoin is already positive. The main issue has always been regulation. Once U. S. banks start offering these services, the rest of the world will likely follow. Stablecoins could also change the game. Quaglini predicts they will replace the SWIFT system for cross-border transfers. Stablecoins are faster and cheaper. They could disrupt companies like Western Union. Hex Trust, founded in 2018, offers custody, staking, trading, and lending services. It operates in Hong Kong, Singapore, Dubai, and Europe. The company aims to reach $20 million in revenue by 2025 and eventually go public. Quaglini wants Hex Trust to be the J. P. Morgan of Asia in the crypto world. Hex Trust started with $300, 000 in seed capital, including $50, 000 from Quaglini himself. It secured a $6 million Series A in 2021. The firm now has over 200 staff and more than a million end-users through institutional partnerships. Other publicly traded crypto firms like Coinbase and Galaxy Digital are facing challenges. They need to diversify revenue streams due to volatile trading volumes. Hex Trust focuses on custody and institutional services to avoid volatility. Quaglini, a former banker, bought his first Bitcoin in 2014. He sold some to buy a house in Japan. Today, he sees the crypto market becoming more institutional. Large Bitcoin holdings are shifting from early investors to asset managers and banks. These are long-term players, like central banks with gold. Quaglini believes U. S. rules set the global standard. Once American banks move, the rest of the world will follow. That's when Bitcoin will truly become mainstream.