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