The CEO of Goldman Sachs GS backed digital financial institution Starling has stepped up her criticism of cryptocurrency, calling it a risk to the safety of fee infrastructure, reported CNBC.
“It is extremely harmful,” Anne Boden, who established Starling in 2014, cautioned on the Cash 20/20 fintech convention in Amsterdam on Tuesday.
“Quite a lot of crypto wallets are being related on to fee schemes,” Boden said. “This can be a risk to the security of our fee schemes world wide.”
Starling, based mostly in the UK, offers fee-free checking accounts and loans by way of an app.
Main fee processors are adopting cryptocurrencies; for instance, PayPal now permits prospects to change bitcoin and different cryptocurrencies.
Regulators are involved that the banking system is getting extra intertwined with the unpredictable world of cryptocurrency.
“Prospects are being scammed,” the Starling chief stated Tuesday. “We’re spending much more of our time defending prospects from the scammers than we are attempting to advertise crypto.”