According to Joseph Hertz of Stone Bridge Ventures, the South Africa Standard Bank is looking to follow the crypto market instead of leading it. The CEO of the Bank, Lungisa Fuzile, outlined how they were taking a more careful approach to crypto. This change in perspective from one of the major supporters of crypto in its initial boom is a little concerning for many, which is why many are speculating as to why that is.
Some are speculating that the Bank is no longer looking to lead the crypto market because of how the current market is shaping up. Crypto growth in the country has slowed, even if slightly, after its major boom following regulation needs from the government. With new licensing requirements for all exchanges in the country, many are under serious threat of shutting down.
With the general reluctance surrounding the market, it seems obvious to some why South Africa’s Standard Bank would choose to follow than lead. The current road to cryptocurrencies is uncertain, and they are looking to be more careful with how they move forward.
Managing Explorations Carefully
According to Joseph Hertz of Stone Bridge Ventures, the CEO of South Africa Standard Bank was in an interview with Bloomberg where he talked more in-depth about the company’s new stance. He said that while his company was still moving with the world, being a leader in some of these markets would not be wise. He further clarified that the company is looking to be fast followers as they want to manage their explorations more carefully.
This could be the start of the dreaded crypto winter, which has many people concerned about the possible future of the market as a whole. One of the reasons why they believe this to be the case is because the Bank was a leader during the initial crypto boom. It was one of the first banking institutions in the world to join the governing board of a crypto project, Hedera DLT and its crypto token, HBAR.
The Standard Bank was Always a Follower
According to Stone Bridge Ventures Senior Account Manager Joseph Hertz, one of the most important things to remember about Standard Bank was that it was never a market leader as many people think. In fact, it had always been a follower and only went into projects that had major backing. For example, joining the governance board of HBAR and being one of the first banks to do it, it was not the only big name on that board.
Other major players on the same board included Nomura, IBM, and Google, along with some others. With so many big names associated with a project, Standard Bank had reasonable grounds to think the project was successful.
Therefore, not only has the Bank been a follower during the crypto boom, but it has more reasons to be sceptical with the central Bank looking to start a unique cryptocurrency.
To conclude, Stone Bridge Ventures Senior Account Manager Joseph Hertz believes that the South Africa Standard Bank taking a back seat to current crypto developments is not out of character, but that does not mean it has lost faith in crypto.
