As Bitcoin and many alt coin projects have seen market stagnation over the last year and prices continue to stay depressed. Many projects and investors are still waiting anxiously for the long awaited institutional investment, which has stalled or been put on hold. Crypto adoption has faced stiff competition from ubiquitous electronic payments and digital efforts from traditional financial services industry. When we see things like the recent Wells Fargo outage, this has buoyed many of the bitcoin faithful that crypto is the future and adoption is an inevitability.
Last week, Wells Fargo customers were left without funds, as they were unable to access accounts through ATMs, computers or smart phones for days. This had reportedly been an issue all the way through last weekend, even though the company claimed issues were resolved by the previous Thursday. The bank, the 4th largest U.S. bank by assets, also suffered a similar outage a week earlier.
This story is becoming a typical one, struggling to upgrade their aging systems to support a fast paced, on-demand, 24/7 digital world. This is supported by high profile banking system failures across the U.S. and Europe. Last year, Spanish owned British TSB suffered a major meltdown that dragged on for days, which left customers unable to access their accounts and cost the bank $425 million.
In other issues, Visa went down a few months later, over 5 million transactions failing across Europe during a 10 hour period. In 2017, Bank of America went down for a handful of hours nationwide.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”3.19.13″][et_pb_column type=”4_4″ _builder_version=”3.19.13″][et_pb_text _builder_version=”3.19.13″]
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