Monzo still eyeing up crypto opportunities, despite market crash

By John Reynolds on Monday 20 June 2022

Digital Banking

Speaking at a Financial Times Live event, Monzo co-founder Jonas Templestein said the recent crypto market woes “probably hasn’t affected our plans”, but called for the digital currency market to be regulated.

Monzo still eyeing up crypto opportunities, despite market crash
Image source: Jonas Templestein/Monzo.

Monzo says it still plans to pursue investment opportunities in the crypto market, despite the recent crypto crash, but has joined others in calling for the digital currency market to be regulated.

Speaking at the Financial Times Live event, Monzo co-founder Jonas Templestein said the recent crypto market woes “probably hasn’t affected our plans” as it eyes up possible moves into digital currency opportunities.

Templestein said: “I think from a technology perspective, blockchain technology is super interesting database technology.

“If you go a little bit further with your imagination, you can think it’s a very interesting distributed virtual machine a way to run sort of like common computing.”

The co-founder followed others in calling for the market to be regulated.

“It seems now that building an entire financial industry, without any regulators, is not such a great idea,” he said.

“It’s especially not a great idea for the unsophisticated consumers, that by and large, I think have been suffering the last few years.”

In January this year, Monzo advertised for an executive to lead its new investments and wealth business, which is likely to include a platform for retail investors to invest in stocks and crypto trading.

Last month, the Treasury said it will regulate some cryptocurrencies as part of a wider plan to make the UK a hub for digital payment companies.

It said Stablecoins—considered less volatile than Bitcoin—will become recognised forms of payment to give people confidence in using digital currencies.

Last week, the crypto market plunged for the second time in a month, alongside a sharp drop in global stock markets.

Bitcoin has dropped more than 60 per cent in value over the past seven months.

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