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The benefit of digital assets and the required infrastructure has been recognized by the top dogs.
According to a Goldman Sachs’ report, 20% of Coinbase’s trading volume in Q1 2018 was institutional. As of Q1 2021, that share increased to 78%. Putting it in perspective, trading volume for that period increased from $66M to $327M, respectively. Clearly, the past three years have brought about an institutional acceptance of digital assets and the crytpo market leading to its increased market capitalization.
Further, Arca Labs published a January 2022 survey of more than 100 global financial service professionals who stated 69% said their companies were focused on blockchain implementation and capital markets.
Looking at the top 5 banks by assets, each is focused on the sector. JP Morgan launched the Blockchain Center for Excellence that looks to develop and pilot solutions across the bank and has delivered the JP Morgan coin and Quorum blockchain. Bank of America invested in Paxos series D which provides blockchain infrastructure for same day settlement of stock trades. Wells Fargo started offering bitcoin and crypto exposure to high networth clients. Citigroup launched a digital assets unit creating 100 jobs to focus specifically on digital assets. U.S. Bank offers cryptocurrency custody services for institutional investment managers.
Crypto ETF’s have been approved and launched, the SEC continues to actively comment on the space, and the Wall Street Journal has crypto headlines weekly. All in all, 2022 has kicked off to show significant institutional growth of digital assets.
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