According to a Reuters survey,
“20% of companies will get in the cryptocurrency trading space this year.”
In recent months, more and more established banks and other asset-related companies are getting involved in the cryptocurrency trading market. This, despite the many statements about Bitcoin and other cryptocurrency’s bad reputation.
According to the multinational, information company, Thomson Reuters, the cryptocurrency trading market will experience an increase in competition in the short term. In a survey that covered more than 400 of its clients across the world, Reuters concluded that 20% of the financial institution are studying the viability of entering into the cryptocurrency space.
Furthermore, the survey also shows that many of these companies (70%), are currently working on this task, and estimated they might enter the crypto-trading field in the next six months. This could mean the addition of approximately 56 financial firms to the market in the next half-year.
“We’re witnessing a gradual institutionalization of the market, and this is sure to drive mainstream adoption. The move to accommodate digital currencies is also a symbolic one; it’s a sign of growing maturity in the market and represents just how far cryptocurrency has come since its days of relative obscurity”
according to Kevin Murcko, CEO of the cryptocurrency exchange Coinmetro.
“2017 was the year where big institutions started to take notice of crypto-assets, and interest has only grown since the record price of more than $19,000,” said Sam Chadwick, director for financial and risk innovation at Thomson Reuters.
“Conversations with clients suggest that hedge funds and other asset managers are looking more seriously at adding crypto to their portfolios. And the Bitcoin landing page, a screen on Thomson Reuters’ Eikon data terminal that shows Bitcoin news and links, are the second-most trafficked landing page among all currencies, after the one for the Euro.” Added Chadwick.
by Samuel Larreal
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