At Money20/20 earlier this month, David Schwed, COO of Halborn, sent a message back to his team from the floor of the fintech conference in Amsterdam.

“I’m happy,” he wrote. “I feel like there are adults here.”

After attending crypto-centric conferences in Texas, Miami, and Barcelona over the past few weeks, he said seeing booths that belonged to JP Morgan, Citibank, and Goldman Sachs was a welcome change of scenery from fist bumps and late-night festivities.

Schwed joined Halborn, a blockchain security firm, last July. In his previous role, he served as global head of digital assets technology for BNY Mellon, one of America’s oldest lenders and the world’s largest custodian bank.

That’s part of the reason why he sees a “huge, huge market” for big banks to enter the crypto industry, he told Decrypt. And he’s not the only one.

Institutions from the traditional world of finance dipped their toes in crypto long before FTX hit rock bottom last November. But now, as the SEC circles the largest two centralized exchanges left standing, traditional finance (or TradFi, as it’s been nicknamed in the industry) appears poised to gain ground—and possibly market share. Some experts say all financial roads in the U.S., no matter how nascent, eventually lead to Wall Street.

“The banks and the financial institu

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Author: André Beganski,Nicholas Morgan

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