There are indications that the crypto market is about to experience a boost as a number of financial institutions are considering and making moves to venture into the crypto market – this is expected to happen in the next couple of weeks to months.
This survey undertaken by Toronto-based Thomson and Reuters was published yesterday Tuesday, 24th April, 2018. In the survey, it was discovered that over 20% of financial institutions have indicated that they are likely to make an entry into the cryptocurrency market within the next 12 months.
The company surveyed over 400 of its clients across the Thomson Reuters platform. These clientele base is made up of Hedge Funds, Asset Managers and Trading Desks at selected “big banks.” The Thomson and Reuters platform is widely used with over 300 Thousand Financial professionals accessing it daily for information on cryptocurrencies.
Coin Metro CEO, Kevin Murcko said “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.” He adds that “We’re witnessing a gradual institutionalization of the market, and this is sure to drive mainstream adoption. 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.”
Goldman Sachs’ Foray into Crypto
The Decision by Goldman to make moves into the cryptocurrency market has been news since the first day it was rumoured. Even though the bank’s CEO has denied the rumours of the Bank setting up a cryptocurrency in the past, but it was revealed just this Monday that the Bank has hired Justin Schmidt, a former quantitative trader to head its digital assets market as a subsidiary of the company’s securities division.
Goldman Sachs’ spokeswoman Tiffany Galvin-Cohen after the appointment of Mr. Schmidt said that “in response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering.”
Circle, a Goldman Sachs backed company recently doubled up on its ticket size on Over The Counter (OTC) Bitcoin transactions to $500,000 with its average pegged at a million dollars. The company’s CEO, Jeremy Allaire told Business Insider that some transactions are now over $100 Million and the outlooks is bright.