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Co-Opted By Wall Street: Bitcoin’s Biggest Risk?
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Bitcoin 2021: Bitcoin Ubiquity And The Role Of Institutions
Robert Gutman and Parker Lewis discuss the current and future roles of institutions in Bitcoin in this Bitcoin 2021 speaker session.
This conference session took place during Whale Day at the Bitcoin 2021 conference in Miami on June 4 and 5. Make sure that you set a reminder for the Bitcoin 2021 day one YouTube live stream and one for the Bitcoin 2021 day two YouTube live stream now.
Watch this conference session on YouTube.
Robert Gutman, co-founder and CEO of New York Digital Investment Group (NYDIG), sat down with Unchained Capital’s Parker Lewis to discuss “Bitcoin Ubiquity And The Role Of Institutions.”
“We’re giving legacy financial institutions access to the bitcoin ecosystem to bring products and services to market, that’s how we’re fulfilling the mission of bringing bitcoin to as many people across the world as possible,” said Gutmann on the role of institutions.
“Bitcoin really is the North Star,” said Lewis in regards to the advantages of bitcoin over other altcoins.
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Major Swiss Bank UBS Reportedly Mulling Offering Crypto Services to Wealthy Clients
Swiss multinational investment banking giant UBS Group AG is looking at ways to give its wealthy clients exposure to digital assets.
UBS Could Offer Cryptocurrency Investment Service
According to BNN Bloomberg on Monday (May 10, 2021), people knowledgeable with the matter told the news outlet that UBS is exploring different alternatives to offer its clients the opportunity to invest in digital assets. The sources also said that the investment bank could use third-party investment vehicles as one of its options.
Also, UBS is reportedly in the early stages of its plan to offer cryptocurrency investments. Meanwhile, the anonymous sources say that the investment offering would be “a small portion” of the bank’s clients’ wealth, in order to hedge against volatility associated with the ascent industry.
The cryptocurrency industry continues to see increased retail and institutional adoption, with financial institutions showing interest in bitcoin and other crypto assets. Interestingly, in the past, these banks would not want to have anything to do with the crypto industry; but all that seems to be changing.
As previously reported by BTCManager back in March, German private bank Donner & Reuschel announced that it was preparing to introduce crypto buying and custodial services for its clients. The bank decided to launch the services following increased demand for digital asset custody from its customers.
Also, Wall Street financial institutions are trying to enter into the trillion-dollar crypto market, by either offering crypto services or buying cryptocurrency. There were reports in March that the investment banking giant JPMorgan was considering developing a cryptocurrency clearinghouse service. The bank is also preparing to launch an actively manged bitcoin fund for private wealth clients.
Another Wall Street banking giant Goldman Sachs is planning to offer investments in bitcoin and other crypto assets to its private wealth clients. Meanwhile, in its earnings call in April, a Goldman Sachs executive said that the bank was closely paying attention to bitcoin.
State Street is set to launch a crypto trading platform, which could launch later in 2021. Other major financial institutions such as America’s oldest bank Bank of New York Mellon (BNY Mellon) and Citbank are also exploring cryptocurrency services.
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