Interest in Cryptocurrencies Continues to Surge Among Traditional Players
Bank of America this week, jumped on the crypto bandwagon as it launched its digital asset research with the publication of a report entitled “Digital Assets Primer: Only the first inning,” led by Alkesh Shah Cryptocurrency and Digital Asset Strategy.
Accordingly, digital assets represent a $2 trillion+ market value with 200 million+ users, and have the potential to transform every industry by improving efficiency and reducing friction across transactions. Hundreds of companies are forming within this new ecosystem, creating a new asset class.
The traditional players have certainly made huge progress in this space especially in recent times. Despite its volatility, digital assets such as bitcoin have seen a broad institutional interest this year. DBS became the first traditional bank in the region in Asia to offer crypto exchange and custodial solutions to institutional clients.
While investing in Bitcoin or other cryptocurrencies is highly risky and speculative, this has not stopped the surging investor demand. Wall Street banks such as Goldman Sachs Group Inc have restarted their crypto trading desk while Standard Chartered and Morgan Stanley have already begun exploring the crypto ecosystem.
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