Large Financial Institutions Adopt a New Approach to Cryptocurrencies
This week has seen even more news regarding the acceptance of cryptocurrencies in the overall financial industry. U.S. Bancorp announced that it had launched a cryptocurrency custody service for institutional investment managers who have private funds in the United States and Cayman Islands. According to a report by Reuters, the fifth largest U.S. bank said Bitcoin-focused financial services firm NYDIG will act as a sub-custodian and the service will soon support cryptocurrencies besides Bitcoin as well. “Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” Gunjan Kedia, Vice Chair of the bank’s Wealth Management and Investment Services said. ISW Holdings Inc. (OTC: ISWH), BIT Mining Limited (NYSE: BTCM), Canaan Inc. (NASDAQ: CAN), The OLB Group, Inc. (NASDAQ: OLB), Bit Digital, Inc. (NASDAQ: BTBT)
As a result of the crypto boom that occurred earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. Therefore, it is not surprising that ETFs with a focus on crypto and blockchain are doing so well.
"Just over three years ago we launched the first actively-managed ETF focused on the dynamic market segment of blockchain-related stocks,"
said Amplify CEO Christian Magoon.
"BLOK has provided investors with additional portfolio diversification through its unique portfolio makeup that includes the Bitcoin Investment Trust. Blockchain technology is primarily known for one application today: cryptocurrency."
Read more: https://dailycoin.com/large-financial-institutions-adopt-a-new-approach-to-cryptocurrencies/
Text source: DailyCoin.com
