September 12, 2017 will go down in infamy when talking about the relationships between traditional fiat financial institutions and their views on cryptocurrency.
A lot has happened in the financial and crypto space in the eight months following that event, especially in terms of banking institutions and Wall Street's perception of Bitcoin and cryptocurrencies.
It has now come to a point where the financial fiat sector is dipping more than just a toe into the cryptocurrency world; with futures trading now well established and blockchain experts being hired left and centre.
On May 3, Goldman Sachs, a financial institution that has done a turnaround in terms of its attitude towards cryptocurrency, announced that it does not believe Bitcoin is a fraud.
The source goes on to liken this building towards crypto trading as an arms race between the two banks, but ultimately, they are not the only ones trying to reach the goal first.
The move by NYSE owner Intercontinental Exchange is a little different in its approach too as there clearly is no defined path as to how to get Bitcoin to the traditional masses.
"[ICE] has had conversations with other financial institutions about setting up a new operation through which banks can buy a contract, known as a swap, that will end with the customer owning Bitcoin the next day - with the backing and security of the exchange," the Times wrote.
The so-called 'arms-race' to be the first to bring out a crypto trading desk makes sense, the institutionalised investor market is clearly hungry for a safe, regulated, and familiar way to be involved in cryptocurrency.
This has been proven by surveys, by the interest in Bitcoin futures from CBOE and CME, and by the way in which banks, and financial institutions are putting their foot in the door.
There is no doubt that whoever does get their product out first will be highly profitable, and if the response is anything like the build up to the release of futures, Bitcoin could be in for another huge rally.
Financial Institutions In A Race: Who Will Bring Crypto Trading To The Fiat Masses First?
gepubliceerd op May 11, 2018
by Cointele | gepubliceerd op Coinage
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