Major Banks Clearly Looking To Cryptocurrency
April 23 2018 - 12:50PM
ADVFN Crypto NewsWire
Bitcoin Global News
(BGN)
April 23, 2018 -- ADVFN Crypto
NewsWire
Major Banks Clearly Looking To
Cryptocurrency
Regulations are in the works, and
banks are beginning to see the possibility of cryptocurrencies as
real investment options, and secure asset holdings – as well as the
use of blockchain technology to improve upon their existing
business processes.
Citigroup Report Urges The
Importance To Keep Up
The organization recently released
a report, “Bank of the Future: The
ABCs of Digital Disruption in Finance” totaling 124 pages that all
point to the importance that existing financial institutions not be
left behind in this wave of technological change to the finance
industry. Their antiquated systems will simply not hold up to the
adaptability and scalability of things like smart contracts. The
report touches on the political implications, where growing groups
such as Libertarians will make a push for the fintech
revolution.
“If the Internet is a disruptive
platform designed to facilitate dissemination of information, then
Blockchain technology is a disruptive platform designed to
facilitate exchange of value.”
Goldman Sacks Hires A
Cryptocurrency Fund Manager
The head of digital asset markets
at Goldman Sacks is now Justin Schmidt, previously worked at
quantitative trading firms Seven Eight Capital LLC and WorldQuant
LLC and has computer science degrees from the Massachusetts
Institute of Technology. The new VP is only 38, and clearly has the
background of an individual who sees the potential in a fintech
revolution. The bank is not overtly active in the cryptocurrency
markets, but rather acts as a middleman to facilitate those with a
private interest in the space.
Former JP Morgan Exec. Says
Crypto Market Will grow
Chairman of digital investment bank
Coinshares and chief investment officer at Global Advisors Daniel
Masters manages nearly $800 Million in assets. He began his career
trading Oil in the 1980’s, and spent time working for JP Morgan as
the Global Head of Energy trading in the 1990’s. This diverse
experience in the finance industry has led Masters to the strong
belief in a growing cryptocurrency market as part of the world’s
asset holdings.
“I think even
if it’s only 5% at the end of the day, that market will then still
be much bigger than it is today.”
Becoming 5% would mean more than
multiplying times five from the current value.
By: BGN Editorial Staff
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