Capital One Investing CEO and co-founder of the bank has said that the banking system is facing “disruptive forces” and that Blockchain is a key innovation to solve those challenges.
The company will invest in blockchain-based investments including digital tokens, cryptocurrency and cryptocurrency-based asset classes, which are the most promising of the emerging digital assets.
“We are seeing disruptive forces on the global financial system, such as the collapse of the commodity prices and a collapse in liquidity, as well as a decline in global financial institutions’ ability to effectively conduct business and conduct payments,” Capital One said in a statement.
“We see the potential for blockchain technology to be a critical tool to provide a more transparent, accountable, resilient and resilient financial system.”
Capital One has already invested in a number of Blockchain-based businesses, including one based on the technology.
In a statement, the bank said that it will invest up to $5 billion in blockchain and other digital assets in the next three years.