Banks are running after Bitcoin and other crypto assets

 

Photo by Karolina Grabowska from Pexels

Until recently, most financial institutions simply ignored the word Bitcoin as well as other crypto-assets. Some ignored, others did not see any viability in the industry or pretend that not to see the industry altogether. They were publicly against and often caused difficulty for clients to use and commercialize crypto assets. But now many banks decided to surf this new wave high valued assets, where each Bitcoin is equivalent to more than $ 00 thousand reais. Many banks are diving into this new opportunity and announcing plans to incorporate custody of Bitcoin and possibly other cryptocurrencies in their selection of services.

 

In this article, I will mention few large financial Institutions that recently announce their plans publicly.

 

According to Cointelegraph, JP Morgan is considering investing $ 150 million in bitcoin. Also, recently announcing its intention to safeguard cryptocurrencies for its clients.

 

Another large bank that publicly mentioned its plans to commercialize Bitcoin is the oldest financial institution in the United States, the BNY Mellon group. This old institution continues to aggressively invest digital assets indicating its entry into a new era of financial services.

 

The Fidelity group also announced having requested permits to launch its digital asset fund. and coming behind are many large financial institutions such as Goldman Sacks, Skybridge, and others.

 

Since PayPal entered the market and decided to offer Bitcoin and other crypto assets to its clients, other banks have been looking to offer the same type of service for their clients. A custodial service in which the institution is responsible for the storage of crypto assets owned by its clients.

 

Moreover, for those who know about technology, we know that this service is unnecessary. For those who are responsible for safeguarding their crypto assets, a simple cell phone wallet will give access to the same services and much more. It's simply a choice. What does matter is that we, as users, have more options to pick and choose from when we want to shop for crypto assets conveniently. Whatever rocks your boat!