Innovation is in ORCA
By Christine Copper
February 27, 2020
Ryan Miano, a former VP at Scottrade and owner of orca.digital said, “Traditional financial services lack innovation. The real fintech and defi innovation is coming from the crypto-centric companies and projects. Big finance will either mitigate a 2008/09 financial relapse by creating companies that are ‘too big to fail’ or exasperate it; most likely the latter. With spiraling debt, unceasing government spending, and a bloated derivatives market, I believe the best hope for financial prosperity and sustainable reform will come from digital assets and the innovations coming out of the Crypto space.”
SunTrust and BB&T merger occurred in 2019 and a number of other banks are in the process of negotiations with the smaller and midsize banks. The strongest position in the financial sector plays a substantial role in the business acquisition for the smaller assets. Goldman Sachs, JP Morgan Chase, Bank of America, Morgan Stanley, American Express, Wells Fargo are the larger in the banking sector.
Richard Kovacevich, former CEO of Wells Fargo said, “Anytime you have high regulations in any industry, you get concentration, and banks are cheap. If you’re going to acquire, this is the time to acquire financial institutions.” Mergers and acquisitions seem to be focused on smaller banks across the board.
Most technology firms shy away from the financial market as it puts them under a microscope with intense scrutiny from US lawmakers. Mark Zuckerberg of Facebook is facing this head on with his proposed currency, Libra and its 2019 delayed launch.
With upwards of 93% of global currency now digital, cryptocurrency and the blockchain is an inevitable step and an increasing number of countries are incorporating it into their economy. Digital coins with their blockchain technology in a digital economy is in a better position to protect the interest of consumers and investors providing cheaper, faster, and more secure transactional options than the traditional banking system.
Through forward-looking research we are entering the next phase. The creative capacity for building transactional blockchains fosters innovative and globally competitive advantages secured and empowered by a highly skilled and diverse workforce.