Institutional investors continue to embrace the crypto ecosystem despite the cryptocurrency prices tumbling over 50% in the past ten months. Upon tapping fresh all-time highs in November, Bitcoin, Ethereum, and other cryptocurrencies pulled back sharply, with the Terra-induced stablecoin de-peg crash in May plunging prices further and stirring a global regulatory debate.
So far, a lot has been going on in the crypto sector, with officials worldwide trying to fast-track regulations for the nascent industry. In the US, the crypto community has been exchanging notes on a March executive order by president Biden to regulate cryptocurrencies in the US. The European Union has also been working around MiCa after adopting a provisional rulebook to police crypto early this year.
This has painted a positive picture of the crypto sector, especially for global asset managers who prefer legal certainty. Although jurisdictions such as Australia continue to view crypto assets as too risky, a significant number of institutional investors are betting big on the sector.
According to banking behemoth State Street, despite the ongoing crypto winter, traditional players “are banking on the asset class to stick around” as they prepare to roll out a barrage of crypto products and digital assets.
“During the course of the June, July period where things were really hotting up in terms of activity, we saw institutional clients not necessarily double down, but they weren’t really deterred from placing strategic bets on the asset class itself,” Irfan Ahmad, a digital lead at State Street Digital said, citing a Monday report by The Sydney Morning Herald. “The takeaway from that is, I think there is a belief that the asset class is here to stay. And we, as an asset servicer, will obviously partner with our clients where they believe their ambition lies.”
According to Ahmad, the outfit’s institutional clients have been keen on crypto and digital assets investments compelling it to consider rolling out products that will help them access some of those assets.
State Street, the world’s second-largest custodian bank with over $23trillion in AUM, has been working with asset management firms to develop tailor-made crypto products for clients. In March, the top bank partnered with Copper.co, a London-based provider of institutional digital asset custody and trading infrastructure, to help launch an institutional-grade digital asset custody product.
Banking giant Goldman Sachs has also expressed interest in the crypto sector, launching its maiden Bitcoin-backed loan last month. Recently, BlackRock also launched a spot bitcoin trust for institutional clients in the US., signalling that other institutional players are likely to keep leaping into the crypto space.
Binance has opened a local office in New Zealand after doing the same in Togo, Brazil, and other countries worldwide.
Cryptocurrency never fails to lose volatility. Uncertainty prevails, and the majority is clueless about how the Ethereum update would impact the trends. Some categorize it as an advancement that sets everything up on fire, blowing souls into other projects. At the same time, some stand absolutely at a 180-degree spot. We have to wait to […]
Speculation has been a big part of the success of crypto coins, given that a lot of investors enter the market trying to make a lot of money in a short time. This has, in turn, given rise to the success of a large number of coins that would otherwise not have found any success […]
Cryptocurrency mining surf a large quantity of electricity. And since the crypto industry saw widespread adoption in recent years, it scaled up mining activities likewise, which caused electricity shortages in some countries like Iran and Kosovo. Similarly, the government of Norway, which is facing the same problems, now plans to remove its previously implied policy […]
METIS Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction! In this video I talk about the Metis Dao Cryptocurrency price and carry out a technical analysis. I also talk about my Metis Elliott Wave count and discuss where the price could be going next.—————————————————————————————–🧿 Links:Technical…
The post Chainlink Could Be A Great Investment in Q4- These Are The Targets! appeared first on Coinpedia Fintech News
The global crypto market cap has slightly surged in the last 24hrs and is now valued at a total of $963.87 billion. Most crypto assets have witnessed decent gains over the past few hours. Among such gainers is Chainlink which is experiencing a recovery phase after the currency drastically fell by nearly 65% this year. …