The cryptocurrency trading market is about to receive an influx of more big banks, hedge funds and other financial institutions within the next few months to a year. A new survey shows that while most are keeping quiet in public about their crypto plans, many are preparing to enter the field.
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Big Players Prepare to Charge
Toronto-headquartered multinational information firm Thomson Reuters Corporation (NYSE: TRI), published a survey on Tuesday revealing that 20% of financial institutions are studying the possibility of entering the cryptocurrency trading space within the next 12 months period. Furthermore, 70% of those considering starting trading cryptocurrencies are planning to do so in the next three to six months, according to the survey.
The company says that the survey covered more than 400 of its clients across Thomson Reuters platforms including large asset managers, hedge funds and trading desks at the biggest banks. Over 300,000 financial professionals working in asset management, hedge funds and other institutions get access to cryptocurrency data (including price quotes for BTC, BCH and ETH) via the Thomson Reuters .
“Historically, the banking sector has been notoriously dismissive of the crypto movement. Cryptocurrency has variously been called a bubble, an asset for criminals, and worthless. But today’s survey demonstrates that while financial institutions are saying one thing, they’re doing quite another,” commented Kevin Murcko, CEO of cryptocurrency exchange Coinmetro. “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,” he added.
Goldman Setting the Stage
The most talked about major bank as widely considered to be in the process of entering the field is Goldman Sachs, although its in the past the rumors they are setting up a bitcoin trading desk. On Monday it was revealed that the company has recently hired Justin Schmidt, a former quantitative trader, to be the first head of digital asset markets in the company’s securities division.
“In response to client interest in various digital products, we are exploring how best to serve them in the space,” Goldman Sachs spokeswoman Tiffany Galvin-Cohen in a statement. “At this point, we have not reached a conclusion on the scope of our digital asset offering,” she added.
The bank should be more than aware of the huge demand hedge funds and other big investors have for cryptocurrency trading services. Circle, which is by Goldman Sachs, has recently doubled minimum ticket size on OTC bitcoin trades to $500,000 with an average of $1 million. And Chief executive Jeremy Allaire has told that some transactions are now larger than $100 million and “That watermark will continue to rise.”
Do you think it’s inevitable that all major banks will enter the bitcoin trading ecosystem? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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Token Pre-Sale has begun from Wednesday, April 18th and will be ending on April 30th, 2018. In the first round of presale, the price will be $1.5/XOXO. The company has sold more than 40% token in 24 hours of pre-sale.
Later, coming up with the main sale at May 5th which will last till May 31st, 2018. While the price of xoxo token will be $2/XOXO during main sale.
The main concept behind the launch of the XOXO token is to achieve the goal of expansion which has been seen by the experts of bitxoxo for taking the cryptocurrency to the next level of success.
Bitxoxo Achievements:
Bitxoxo has achieved in offering the best services and new products to its users. They are the first bitcoin exchange to launch Pre-Paid Gift cards and Referral system for customers.
The exchange running for almost 2 years is active on both the mobile app (Android & iOS) and web portal, while they recently launched an ICO Launchpad for the ICO company to list their token. So, after a successful journey of 2 years as an exchange, it won’t be wrong in saying that the upcoming project of Bitxoxo is already a successful project.
Bitxoxo Future Plans with XOXO token:
Bitxoxo expands and offer new services of BCH (bitcoin Cash) to all cryptocurrency investors and enthusiasts. The funds generated by the ICO, will be used for the future expansion of ongoing project and introduce new services and product development.
The very First PoS App for bitcoin Cash
Bitxoxo International Debit Card for our users. , the largest cryptocurrency exchange by trading volume. The exchange was founded in 2016 and running successfully in India, recently launched its Initial Coin Offering .
bitcoin Cash marketplace with top 15 cryptocurrencies and more in order book model.
bitcoin Cash e-University Certification Program to spread the awareness of the blockchain technology and cryptocurrency to the mass and help people to become certified professionals etc.
Bitxoxo Incubator to provide all the necessary needs like funds and advisory for the new blockchain startups.
The expansion of Bitxoxo cryptocurrency exchange worldwide starting from Australia, Singapore and UAE etc.
Bitxoxo takes this opportunity to welcome the Founder and COO of bitcoin.com onto our advisory panel.
Roger Ver, CEO of bitcoin.com
Founder of bitcoin.com, popular as ‘bitcoin Jesus’ Roger Ver is an early adopter and investors in bitcoin. Ver is a motivation to numerous cryptocurrency enthusiasts, he makes people believe the value of crypto and blockchain to the world. He is an angel investor for many popular cryptocurrency and blockchain technology startups such as The Blockchain foundation, Blockchain.info, Ripple, Kraken, Bitpay etc.
Mate Tokay, COO of bitcoin.com
Mate Tokay has been involved in the cryptocurrency business as a miner since 2013; he co-founded Bitcoinist.net a cryptocurrency news magazine and he is now the Chief Operation Officer at bitcoin.com. Mate is a premier source for everything related to bitcoin. He focuses on a larger vision and communicating that vision to others while staying on top of the major trends in the industry.
Bitxoxo is heartily grateful for other experts of crypto to join our advisory board.
Stephen Drew
Stephen Drew possesses 20 years of experience in investment banking, fintech & real estates. He worked on Wall Street for 10+ years in trading and investment banking and 3 years in trading and investment in cryptocurrencies. Drew is an active partner of $100 million Crypto Hedge Fund based in NYC and the Caymans, Stephen always engaged in monetizing day to day operation of the fund from analyzing investments to speaking with high net worth individuals and family offices.
Sydney Ifergan
Sydney holds a degree in computer science and has 20+ years commercial experience. He has spent the last 10 years working in the online marketing arena and was the CMO for a large brokerage. In recent years, he has been consulting with various brokerages globally on their online marketing and the utilization of technology to improve their results.
Robby Schwertner
Robby Schwertner is an expert and part of many crypto and blockchain projects. He is a public motivator and speaker focusing on the expansion and progress of cryptocurrency and blockchain technology by addressing events and conferences on a global level.
Boris Otonicar
Boris Otonicar has a Masters degree in economics and psychology from the University of Zurich. He has a certificate as a Blockchain Specialist BVS. He consults companies in Blockchain issues and does ICO advising for different projects like Coinlancer, Districts, Coinloan etc. He is a top 20 at ICO Bench.
To learn more about the Bitxoxo ICO visit their official website at https://bitxoxo.exchange/
You can join the XOXO token Telegram discussion and announcement: https://t.me/bitxoxo & https://t.me/bitxoxonews
Contact Email : press@bitxoxo.exchange
Supporting Link
https://www.bitxoxo.exchange
Contact Email Address
media@bitxoxo.exchange
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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