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Financial institutions plans to enter the Crypto market

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A recent survey shows that big banks, financial corporations, hedge funds and private firms are entering into the crypto market. According to statistics, even though many people prefer to keep silence in crypto’s volatile stage, there are many who are looking forward to trade in the market.

Statistical analysis :

Thomson Reuters, a multinational information firm, has introduced a report recently, that states that 20% of financial corporations are looking into the Crypto market to invest in it.The data also shows that, a total of 70% of the people who are thinking of investing in Cryptos, are planning to do their investments in 3-6 months time.

Institutionalization of the digital market

400 clients of Thomson Reuters participated in the survey. They include trading firms, hedge funds, asset managers and banks. “Historically, the banking sector has been notoriously dismissive of the crypto movement. Cryptocurrency has variously been called a bubble, an asset for criminals, and worthless. But today’s survey demonstrates that while financial institutions are saying one thing, they’re doing quite another”, said Kevin Murcko, the chief executive officer of Coinmetro.

The institutionalization of the market has been noticed by Kevin and Co. “The move to accommodate digital currencies is also a symbolic one; it’s a sign of growing maturity in the market, and represents just how far cryptocurrency has come since its days of relative obscurity”, Mr Kevin added.

Goldman Sachs hired digital asset head

In all probabilities, Goldman Sachs, one of the biggest banks, is going to enter the Crypto trading market. However, the Chief executive of the Bank has stated that they are not setting up a bitcoin trading desk anytime soon. Even though Mr CEO seems to deny the facts, updated information says that the Bank hired Justin Schmidt, an ex-quantitive trader, to lead the digital asset management in their securities department.

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