Cryptocurrency News

Institutional Crypto Adoption Grows, But Will Big Banks Make a Splash in 2019?

No Risks from Bitcoin and Other Cryptocurrencies but it is Necessary to be Careful, states FCA Member

Henri Arslanian, the crypto and fintech lead for PwC China and Hong Kong recently on Twitter predicted that more big banks would announce crypto projects this year.

Henri is also a teacher of the first fintech university course in Asia and the chairman of the FinTech Association of Hong Kong. He believes that in spite of the regulatory unpredictability and a crypto bear market more financial institutions would enter the crypto this year.

He further stated that last year many major banks entered crypto space and some of them might decide to roll out their own solutions this year.

The crypto expert further gave Fidelity investments as an instance of one of the 2018 crypto market entry. The firm rolled out Fidelity Digital Asset Services LLC to trade cryptos and offer crypto-custody services for its banking client base in October.

The industry experts at the time came forward to support the move. Some professionals also commented that defeating the custody obstacles for cryptos, Fidelity’s confirmation of new asset was an important step for the crypto space.

Henri in an interview with Bloomberg told that others may attempt to collaborate with some of the other companies. For instance, just like Nomura partnered with Ledger and some others might try to invest in crypto firms just like Goldman invested in Circle and BitGo.

He then went on to explain that this is very good because it would bring the kind of level of institutional ability. And also experience to space which is something the cryptocurrency market needs.

Experts Believe Crypto will make Big in 2019

Greg Tusar, a former head of electronic trading at Goldman Sachs said that he believes this year will bring better things for the crypto industry. He further added that there are a lot of opportunities to develop great businesses and have an effect.

Jeremy Allaire, the CEO of Circle made an obscure price prediction at the end of the last year saying Bitcoin in the next three years will definitely worth a great deal more than it’s worth today.

The financial institutions have so far chosen a safer way to enter the crypto market. To date, many 2018 crypto market entrants provide crypto custody solutions or support crypto startups.

However, institutional exchanges such as Switzerland’s SIX are entering more directly into crypto trading. Swiss-based SIX in 2019 became the first institution to be granted to provide a crypto-based exchange-traded fund (ETF).

Many crypto experts believe all that 2019 needs is a major bank to start using crypto whether it is one of their own such as CBDC (Central bank digital currency). Or they need an already existing coin that they utilize to make important transfers.

Having said that many financial institutions and banks are laying the base for the future crypto use by studying and embracing crypto’s underlying blockchain technology.

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