Deep Trend TechFlow News, on October 6, according to Decrypt, Coinbase Vice President of Enterprise and Business Development Shan Aggarwal revealed in an interview at the Messari Mainnet Conference that in the past 6 to 9 months, the company has been negotiating with large financial institutions. Significant twist. As the issue of cryptocurrency in the United States gains bipartisan consensus, traditional financial institutions are increasingly interested in entering the Web3 field. Aggarwal said these conversations could push more traditional financial players to join Web3, promoting mass adoption of digital assets.

He stressed that the biggest pain point is still the “cumbersome” on-ramp, which is preventing the next wave of users from joining the blockchain. However, if traditional financial institutions enter the crypto space and help mainstream users deal with the complexity of crypto technology, it will pave the way for widespread adoption of digital currencies. Aggarwal pointed out: “Having a wider range of banking partners working with crypto companies to simplify the way funds enter the ecosystem... may reduce the biggest friction for users to actually use on-chain applications.”

In terms of political support, in May this year, more than 70 Democratic House members supported the 21st Century Financial Innovation and Technology Act (FIT21), which aims to implement a regulatory framework for digital assets in the United States. Earlier this year, 12 Democratic U.S. senators joined forces with their Republican colleagues to pass a resolution to revoke an SEC policy that harmed banks from providing crypto services. In addition, Fairshake, a political action committee that supports digital assets, has more than $200 million in funds in this election cycle, the largest of any interest group. Coinbase is one of the main supporters of Fairshake, and the super PAC's recent support for the House and Senate is almost evenly divided between the two parties.