Yes and for people who think “centuries” is an exaggeration, the knights templar gained their power and wealth in the middle ages specifically because people could use their promissory notes to exchange for cash so that they didn’t have to physically transport valuables around between Europe and the middle East during the time of the crusades. They allowed people to deposit cash at temple church in London and withdraw it in Jerusalem.

See https://www.bbc.com/news/business-38499883 and elsewhere.

It’s really telling how poor the knowledge of financial history and the existing state of the art in traditional financial tech there is among people in the crypto-boosting space. Many of the “innovations” they claim have been around in traditional finance for hundreds of years.