Bithumb Joins the Charge to Attract Incoming Institutional Capital
February 08 2019 - 12:12PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 08, 2019 -- ADVFN Crypto NewsWire -- As an industry
becomes more regulated, it attracts more support from various
institutional investors. In the case of the crypto industry,
however, this is not exactly true due to what cryptocurrencies are
at their core. Some financial organizations will simply never be on
board with a form of money that aims to upend the traditional
financial system as we know it.
Still, the fact remains that
Fidelity ended 2018 by entering the crypto market in a big way,
despite its’ entrenched status as one of the most powerful
financial institutions with regards to more traditional
investments. This, in connection with the upcoming launch of the
Bakkt platform by the company that owns the New York Stock
Exchange, seems to foreshadow a powerful move by the legacy
financial system to corral crypto to an extent.
On the heels of the initial
announcements of these events, Huobi US and now, Bithumb, have
announced the opening of global over-the-counter trading desks to
allow institutional clients all over the world to get involved in
crypto. In the case of Bithumb, this move was facilitated by a new
partnership with a company called Ortus, which will effectively
serve as the facilitator of all of the services related to their
new OTC service.
What is perhaps most important to
remember here is that all institutional clients who wish to use
this service will have to go through extensive know-your-customer
and anti-money laundering procedures before being allowed to invest
anything. Whether or not this provision indicates an even larger
move of crypto related companies toward high levels of KYC and AML
requirements for everyone, remains to be seen. For now, it is
reasonable to expect that crypto will become more and more friendly
to institutional clients, at least until some powerful crypto firms
decide to cater more to the average consumer.
In either case, it is logical to
wonder: what would Satoshi say about all of this?
By: BGN Editorial Staff
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