Distributed ledger technology (DLT) and blockchain innovations are gaining attention in the traditional banking sector, particularly from private and institutional investors who are interested in exploring beyond Bitcoin or Altcoin trading for speculative purposes. Banks are actively seeking out new revenue streams by embracing emerging crypto product and service models and finding ways to enhance their client propositions.
This paper aims to simplify the process for financial institutions to prepare themselves for, or improve their strategic execution of, crypto and digital asset initiatives. Additionally, it takes a closer look at lessons learned from the current 'crypto winter' and the FTX collapse. We also evaluate the essential elements necessary for developing product and service capabilities required for digital and crypto assets, centered around an ecosystem approach.