Twenty Percent of Financial Institutions Considering Cryptocurrency

News, Opinion

A survey conducted by Thomson Reuters found that 20% of major financial organizations are considering offering cryptocurrency to their customers. Among that percentage, a further 70% are planning to implement crypto within the next three to six months.

Of the organizations surveyed, many were ‘asset managers, hedge funds and trading desks at the biggest banks.’ Neill Penney, leading member of trading at Thomson Reuters commented on the survey saying that it ‘indicates this niche segment is starting to enter the mainstream of the financial services industry.’ The survey additionally found there was a ‘generally widespread familiarity with cryptocurrencies’ too, a significant sign of adoption.

Legitimizing the markets

The crypto markets have matured significantly in the last year, which is evident in surveys like this. Back in 2014 and 2015, the industry mostly stayed distant from traditional finance, but that is all changing now. Integration with major institutions is bridging the gap between fiat money and cryptocurrency. For instance, Gemini’s partnership with Nasdaq is a massive sign that Wall Street sees value in the market. Santander’s integration with Ripple reveals the same. Additionally, the fact that VISA is working to make crypto debit cards like Wirex is also a sign of the corporate world embracing crypto. These have all helped to position cryptocurrency as a legitimate market, akin to stocks or FOREX.

The battle for mainstream recognition

Of course, having support from the corporate world is not enough for the mainstream to fully embrace it. The aim of the industry is for the average person to know and use cryptocurrency. Wirex’s crypto debit cards help immensely with this because they make cryptocurrency highly accessible— if banks were to offer crypto, this would help too. Essentially, the goal is to remove the technical barrier needed to use cryptocurrency and make it as easy as fiat. Financial institutions can do this if they see a demand for it. The results of Thomson Reuter’s survey suggest that this could be happening soon.

Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.

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