Crypto and banks: Partners not rivals, says Gate executive
As digital assets gain traction in the UAE, the relationship between traditional banks and cryptocurrency exchanges is evolving into one of collaboration rather than competition, according to a senior industry figure.
Partnership, not rivalry
Edwin Cheung, Executive Director of Gate, drew on his decade-long career in conventional finance to argue that banks and crypto exchanges are likely to become partners. ‘Having spent a decade in the traditional finance industry, when I look at how traditional banks and securities firms work closely together, each maintaining their own unique strengths, capabilities and distinct clienteles, I see the same collaborative synergy translating naturally into the Web3 space,’ Cheung said.
A natural synergy
Cheung’s comments come amid a broader push by established financial institutions into the crypto sector. Rather than displacing exchanges, he suggested that banks would complement them, much as they do with securities firms in the traditional economy. The executive’s perspective underscores a growing belief that the two sides can coexist and even thrive together as the UAE continues to position itself as a global hub for digital assets.
