Karl Mohan, EVP Financial Services and GM International at Crypto.com, shares insights on how banks are increasingly open to experimenting with digital assets, driving the convergence of traditional finance and the digital asset economy.
In 2025, The Paypers is diving deep into web 3 payments, aiming to bridge the gap between traditional financial institutions and the web 3 ecosystem. Our goal? To help businesses and consumers confidently leverage stablecoins, tokens, and CBDCs for faster, more efficient transactions—both domestically and globally.
We've noticed a growing interest in digital assets, with traditional financial institutions becoming more open to new payment models. This shift is significant—just a few years ago, digital assets were often dismissed as lacking utility or being linked to scams.
In our conversation, Karl explored the growing convergence between DeFi and TradFi, particularly in the institutional adoption of digital assets custody services.
He broke down what institutional custody entails and how it differs from traditional banking custody. While both share a regulatory foundation—banks understand their fiduciary responsibilities—digital asset custody brings additional technological complexity. This includes key management, role-based access, security measures, and regulatory reporting.
‘How do you protect that? How do you ensure bad actors do not gain access?’ Karl explained how Crypto.com’s custodial solution addresses these challenges and is now available to financial institutions and major corporations worldwide.
Historically, banks have been hesitant to engage with crypto firms. But according to Karl, this is rapidly changing.
‘Now, most banks I speak with—whether it’s Deutsche Bank, JPMorgan, or Standard Chartered—all have a dedicated digital asset division. They’ve appointed heads or VPs of digital assets and are actively pursuing a strategy in this space.’
He also highlighted the impact of spot Bitcoin ETFs, followed by Ethereum and potentially Solana ETFs, which are driving institutional adoption at an accelerated pace.
Regulatory uncertainty has long been a major hurdle, but the landscape is evolving. In Europe, MiCA provides a regulatory framework. The UAE operates under VARA, while Singapore has had licensing under the Monetary Authority of Singapore for some time. Hong Kong recently introduced its own regulations. In the United States, digital assets are receiving greater attention with the change in administration. With increased regulatory clarity, more financial institutions are acknowledging that digital assets are here to stay.
Looking ahead, Karl identified key trends that will shape the industry over the next five years. Banks may begin adopting Bitcoin as a strategic reserve asset. More ETFs will emerge across multiple digital assets. The convergence of DeFi and TradFi will continue to gain momentum, along with other emerging trends.
This was an insightful and educational conversation, reinforcing the fact that digital assets are playing an increasingly important role in the financial industry.
Enjoy the interview and feel free to share your thoughts with us!
About Karl Mohan
Karl Mohan is EVP, Financial Services and General Manager, International at Crypto.com. He joined the company in 2021, bringing over two decades of experience in financial services, payments, and business consulting. Karl leads the growth and expansion of Crypto.com globally, as well as overseeing strategic partnerships with banks and financial institutions to enable seamless and secure crypto transactions for millions of users.
About Crypto.com
Founded in 2016, Crypto.com is trusted by more than 100 million customers worldwide and is the industry leader in regulatory compliance, security, and privacy. The company’s vision is simple: Cryptocurrency in Every Wallet™. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation and is building the most comprehensive financial technology destination - with products and services ranging from crypto to equities, to cards and more.
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