Despite the many innovative services in the digital age, conventional banking remains important to newly-established businesses; banking cannot yet be replaced by online financial services such as crowdfunding or PayPal, according to a recent study. The economic researchers investigated what role the traditional banks play for newly-founded companies within a highly-developed economy based on the unique example of the US cannabis industry. They found that both the credit and transaction services traditionally provided by banks are key.
(via WSJ)
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