Cryptocurrency Company Manager: “Institutional Firms Are Increasingly Interested!”

According to Omer Amsel, Head of Fireblocks Web3, traditional finance firms to cryptocurrencies It enters more and descends to deeper points.

Fireblocks stores funds on behalf of more than 1,500 financial institutions and enables them to interact with blockchains and crypto services.

“Traditional Finance Firms Are Increasingly Moving To Crypto-Focused Interactions”

In an interview with Breakpoint in Lisbon, Amsel said that these companies, especially the more traditional ones, started with custody services and gradually moved to more crypto-focused interactions.

“We are seeing more and more traditional finance companies exploring the path to crypto, and perhaps they are taking a more cautious approach,” Amsel said. He also mentioned that BNY Mellon has recently launched a crypto custody service that uses Fireblocks behind the scenes, adding:

“I think it’s getting faster. I can say that too. I think it’s a cumulative thing.”

Amsel, a year or two ago bitcoin and gave a hypothetical example of a firm that might have started with cryptocurrency custody. He said these companies took that first step, saw that it was good, and then started exploring this technology further:

“What I am trying to say is that you will see the volume of these firms continue to increase, both internally and as an industry and as a whole.”

Some of these traditional financial companies and banks have started to run their own blockchain validators (nodes that keep blockchains up and running) because their pre-existing infrastructure is compatible with it.

Amsel said that these banks have a large number of servers designed to have a good uptime, meaning they are very suitable for running validators.

*Not investment advice.