The range of opportunities being seen by these firms as highlighted by Bloomberg transcends digital currency trading.
Despite the mishaps that have been recorded in the broader digital currency ecosystem compounded by the collapse of the FTX Derivatives Exchange, mainstream Wall Street financial institutions are renewing their appetite to engage in crypto service offerings. According to a Bloomberg извештај, while the sentiment in the nascent industry is poor at this time, firms like Банк оф Нев Иорк Меллон Цорп (NYSE: BK), Fidelity Investments, and BlackRock amongst others see a rare opportunity to seize.
The rationale being considered by many is that the crypto industry is meant to be handled by trustworthy third parties, especially regulated financial outfits. The logic is sound considering the fact that most major players in the crypto ecosystem are not guided by a comprehensive oversight that can guarantee adequate investor protection.
The range of opportunities being seen by these firms as highlighted by Bloomberg transcends digital currency trading. The potential services being eyed include custodial services, tokenization of core securities, and other functional blockchain-linked utilities.
“This will continue to be a focus for us, not so much for crypto, but really the broader opportunity that exists across digital assets and distributed ledger technology,” Robin Vince, chief executive officer at BNY Mellon, said earlier this month on a call discussing earnings. “If anything, the recent events in the crypto market only further highlight the need for trusted regulated providers in the digital-asset space.”
The stance of the company has been echoed by a spokesperson who said the bank believes in the “transformative potential” of blockchain. The spokesperson also described blockchain’s “ability to improve the accuracy of record-keeping, handling of certain asset types such as real estate and loans, as well as more efficient settlement.”
The positive disposition pushed the firm to пловак its custody service a few weeks before the collapse of FTX. Despite this, the firm has other notable products in the pipeline to unveil.
Wall Street Firm’s Plan in Crypto
While the likes of Голдман Сацхс Гроуп Инц (НИСЕ: ГС), Цитигроуп Инц (NYSE: C), and BlackRock have vested services they offer to institutional investors, a host of other products are notably in the pipeline.
Следи своје партнерство to offer its clients access to crypto through Цоинбасе Глобал Инц (NASDAQ: COIN) back in August last year, BlackRock has maintained a relatively bullish stance on crypto with additional products introduced. According to Bloomberg, the company at this time is focusing on stablecoins, permissioned – or private – blockchains, tokenization, and crypto assets.
With its Onyx platform running efficiently, ЈПМорган Цхасе & Цо (NYSE: JPM), the bank wants to expand its reach to DLT-based payment rail. In addition, State Street Corp (NYSE: STT) is doubling down on its crypto custody efforts with CEO Ronald O’Hanley highlighting that there is a great future for tokenization and that Central Banks working on CBDCs are “proceeding forward at pace.”
Бењамин Годфреи је ентузијаста блоцкцхаин-а и новинара који са задовољством пишу о стварним апликацијама блоцкцхаин технологије и иновација како би потакнули опште прихватање и светску интеграцију нове технологије. Његова жеља да едукује људе о крипто валутама надахњује његов допринос познатим медијима и веб локацијама заснованим на блоцкцхаину. Бењамин Годфреи је заљубљеник у спорт и пољопривреду.
Source: https://www.coinspeaker.com/wall-street-giants-crypto/