Increasingly more firms on Wall Street demand for crypto or explore the opportunities these digital assets can provide although cryptocurrencies market is bearish in 2018 and dropped about 80% this year, so far. Moreover, recent reports released by Sanford C. Bernstein & Co. showed that cryptocurrency exchange platforms registered robust revenues and scored big profits in 2018, despite the bear market.
In fact, the profits scored by crypto trading platforms made the demand for crypto to rise among the Wall Street firms, and “as the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms,” explained for Bloomberg the analysts from the Sanford C. Bernstein & Co.
Will the Wall Street demand for crypto lead the banks to emerge in the cryptocurrencies market?
Even though some big players in the banking industry, including Goldman Sachs and JPMorgan, have already announced their intentions to serve clients interested in cryptocurrencies, other banks remain skeptic regarding digital assets and their purpose in the modern economy. On the other hand, banking and financial institutional admitted the improvement the blockchain technology can bring.
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too,” explained David Solomon from Goldman Sachs.
Following the example offered by Goldman Sachs and JPMorgan, many other banks and financial institution on Wall Street, including investment firms and hedge funds, might start facilitating cryptocurrency trading for US-based customers.
Many big names showed confidence in cryptocurrency, lately
Beyond Wall Street, there are also many big names that showed confidence in cryptocurrency, including the Twitter’s CEO Jack Dorsey and the Robinhood co-CEO Vlad Tenev who admitted that they “intend to operate [cryptocurrecny] as a breakeven business. The thinking behind that is what we’re really doing is building an ecosystem.”
With such increased confidence and focus towards cryptocurrency, culminating with the high demand on crypto which is on the rise on Wall Street, the companies on Wall Street would soon emerge in the cryptocurrencies market.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.