Banks have already lost the race of financial representatives actively developing cryptocurrency and FINTECH companies. This view was expressed by the former head of the sales Department of a large Spanish Bank Banco Bilbao Vizcaya Argentaria (BBVA) and former employee of JP Morgan Salvador Castro.

About this Castro wrote in a blog platform 2gether, co-founder of which he is.

According to him, banks have two missions: to promote economic activity and to be a mediator in the exchange between those who have money and those who need them.

However, El Salvador casero that 85% of his professional career was dedicated to banking, believes that the growth of FINTECH companies questioned the need for traditional financial system.

“Banks are faced with fast and flexible companies, optimized from the point of view of flow, resources, business models and adapted to each particular product,” wrote Salvador Castro.

According to him, the advent of the blockchain and cryptocurrency society is on the path of financial independence that will sooner or later impact on traditional banking structures.

Note, some of the biggest financial giants have already begun to take steps to implement the proposed cryptomnesia solutions. In may, JPMorgan has begun to develop its own strategy in the field of cryptocurrency.

In addition, this week the new CEO of Goldman Sachs said that considering the possibility of working with cryptocurrencies.