BNY Mellon, the oldest bank in the United States, announced on Tuesday that it will soon offer customers bitcoin and cryptocurrency He said he would hide his units.
In September, private equity giant KKR made some of its healthcare funding available on the layer-1 blockchain Avalanche. This news thread came right after the partnership between the $10 trillion asset manager BlackRock and Coinbase.
“Our corporate clients are increasingly interested in digital asset markets and are focusing on how to efficiently manage the operational lifecycle of these assets,” Joseph Chalom, BlackRock’s global head of strategic ecosystem partnerships, wrote in a blog post in August.
These moves mark important turning points for traditional financial institutions as Wall Street begins to delve deeper into the burgeoning and often volatile world of cryptocurrencies.
Former Goldman Sachs Executive Also Talked About Bitcoin
John Haar, managing director at digital asset services platform Swan Bitcoin, previously worked at Goldman Sachs for 12 years. Haar says that Bitcoin is the biggest candidate to gain traction and further institutional interest in legacy finance.
“As far as what they’re really going to participate in from a business standpoint, I agree that Bitcoin has a big share of that,” Haar told Insider.
Investors had also seen the first wave of institutional interest in crypto through Bitcoin.
First, according to Haar, the concept of “hard money” underlies Bitcoin’s value; A currency that is not prone to sudden depreciation or appreciation. The token is “rare,” “censorship-proof,” and a store of value because it has a fixed supply of 21 million and no central governing body.
Haar continued:
“I think it’s easier to sell Bitcoin, but it’s still too early for them to potentially get into this business. As institutions enter this space, I think it will be easier for them to explain Bitcoin to themselves and their investment committees.”
Haar also says that institutions have seen Bitcoin surviving the bear market better than most.
*Not investment advice.
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