Major financial institutions and big data are knocking on the door.
We've all been watching the markets this year, wondering when the bloody spiral in prices will end. December of 2017 saw cryptocurrencies at all time highs, breaking into the mainstream and making themselves known to the world. With that came speculation and uneducated buying. It's fair to say that the market is paying the price, suffering a long, ugly "crypto winter". Selloff-after-selloff.
So where is our salvation? When do these blockchain projects become our salvation once again? One could point to the ever-growing interest of financial institutions and big data. They have spent a lot of time researching the fintech industry as a whole and they seem to be positioning themselves for a future bull run. So let's talk about them:
1. Morgan Stanley
They are preparing to offer "Bitcoin swap trading" for their clients, in an effort to get ahead of their competition. Bloomberg reported that the bank will provide derivatives that provide investors exposure to the performance of Bitcoin.
2. Bank of America and Citigroup
Both banks are reviewing their policies on purchasing cryptocurrency with credit cards. More importantly, they are both looking to offer their clients "custody services" for cryptocurrency. Bank of America is filing a patent and Citigroup is launching a product called Digital Asset Receipt (DAR).
3. Coinbase and BlackRock
Recently, Coinbase announced they may be teaming up with BlackRock to launch a Bitcoin ETF. This comes on the heels of the CBOE ETF that should be accepted or declined by the SEC in the coming weeks. With the influence of Coinbase and financial strings of BlackRock, an ETF partnership would surely be a powerhouse.
This one is a dark horse, but Amazon has shown an increased amount of interest in Bitcoin, altcoins, and blockchain tech. They even purchased domains that include Amazon and Bitcoin together. Given that Jeff Bezos is an innovator and tech titan, it would come at no surprise he Amazon got into the crypto-game before other big data companies.
Link: Morgan Stanley
Link: Bank of America
Link: Coinbase and BlackRock