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Bitcoin, Crypto and Wall Street: An Overview

Bitcoin, Crypto and Wall Street: An Overview

Despite the bear market, which has been managing much of 2018 so far, Wall Street's big players are still interested in cryptos. One wants to offer products, services and solutions for retail and corporate customers. The fintech publication Diar wrote:

“With the exception of Wells Fargo, the five largest US banks have all shown interest in meeting customer requests for Bitcoin and other cryptocurrency trading.”

CEO and board member James Dimon spoke out against cryptocurrencies in May. Regardless, the company is reportedly still “testing” Bitcoin, Blockchain technology, and crypto assets in general. Although it is unclear what exactly the largest US bank works, but it is apparently still unnamed Blockchain projects. The bank is also considering setting up a cryptoassets department.

As reported in the blog, Bank of America recently filed its second patent for the preservation of cryptocurrencies. The patent deals with the storage of digital assets for large companies. Of course, a patent does not mean that the bank will necessarily provide a custody service soon. However, the patent could suggest a future direction.

Recently, a source on the Business Insider website provided insightful details about Citigroup's crypto strategy. The point was that the Citigroup allegedly created a crypto product entitled “Digital Asset Receipt” (DAR). The product should be similar to a US “Depositary Receipt”. This is a deposit slip. Originally, depository receipts were used in the US to allow investors to trade in equities also with non-US authorized shares. In the case of Citigroup, their customers could take advantage of the price swings of Bitcoin with the DAR, without having to hold the crypto currency themselves. However, when the product is introduced is still unclear.

Goldman Sachs had initially announced that it would offer Bitcoin futures to its clients in May. A few months later it was said that Bitcoin would continue to fall and that it was “not as a substitute, measure or investment” own. Once this became public, Goldman Sachs again said they were working on a custody solution. Also announced in October 2017, the trading desk for crypto currencies was allegedly put on hold, which the company denied.

Despite the confusion at Goldman Sachs, the bank seems to keep coming back to the topic, which gives hope for the future.

Morgan Stanley is one of the largest banks in the world and has reportedly begun to work on bitcoin swaps, financial derivatives. From a bank-related source it was said that the infrastructure already exists. However, it is expected that the established institutions showed sufficient interest and demand is high enough. It also said that an internal review process had to be completed.

It remains to be seen if and when these great Wall Street players will bring their products to market. Many crypto investors are eagerly awaiting this moment, as they suspect that much liquidity will hit the market, causing cryptocurrency prices to rise sharply.

Bitcoin, Crypto and Wall Street: An Overview

Sources: Diar, US Patent & Trademark Office, Business Insider, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-krypto-und-die-wall-street-ein-ueberblick/

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