According to digital asset firms that specialize in serving institutional clients, banks are becoming more open to the cryptocurrency space.
Today, at the Token2049 crypto conference in London, leading figures from the digital financial services industry met to discuss the state and future of institutional adoption in crypto markets.
Michael Moro, CEO of Genesis Global Trading was optimistic that most banks will enter the cryptocurrency market. Moro stated, “I expect banks to get involved within the next 12 months.”
He said that crypto’s global market capitalisation has risen well beyond $2tn. “From a size perspective, we’re there,” Without institutional investment, you can’t reach that level of figure.
Bounds and Leaps
Darren Jordan, BitGo’s Managing Director EMEA, a company that holds digital assets for institutions, agreed that there is progress in the area of crypto-investment by banks.
Jordan said that “I think we have just made huge leaps in the past few years” but warned that the infrastructure of the crypto market remains a barrier for institutional adoption.
He said that clients don’t feel comfortable holding assets in an exchange. There is still much to do, but we are moving in the right direction.
Jakob Palmstierna is the Global Head for Product at GSR. He stated that the crypto market has become “increasingly complex” and helps to attract institutional interest.
Palmstierna stated that “it’s not for faint-hearted to go into and extract alpha out of that market,” and urged investors to move away from Bitcoin in favour of new “disruptive technology” in the market.
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