Banks increasingly interested in Bitcoin, says Elliptic co-founder

Several financial institutions in the U.S. are “are seriously considering launching some type of cryptocurrency service,” an Elliptic co-founder said.

Global banking institutions have been expressing more interest in Bitcoin (BTC) as the cryptocurrency consistently breaks new all-time highs, according to a new report.

Tom Robinson, co-founder of major British crypto firm Elliptic, told The Telegraph on Wednesday that his company saw a massive surge in Bitcoin-related inquiries from global banks.

The executive noted a wave of Bitcoin-associated demand from United States-based banking institutions over the past two months. According to Robinson, several financial institutions in the U.S. “are seriously considering launching some type of cryptocurrency service.” British banks were the most reserved in terms of the demand’s uptick, the executive reportedly said.

Founded in 2013, Elliptic provides crypto intelligence services to high-profile customers like government agencies and cryptocurrency exchanges. The company works with state authorities including the U.S. Federal Bureau of Investigation.

Megan Prendergast Millard, managing director at risk and compliance firm Guidepost Solutions, believes that the growing Bitcoin trend among traditional financial institutions is natural amid surging adoption. Prendergast Millard reportedly said that it was logical for banks to begin opening up to digital currencies in a similar way as crypto exchanges in order to keep millennials and Generation Z on board.

“Financial institutions are looking to keep their customers and they need to think about who those people are,” Prendergast Millard noted.

The new report comes shortly after Bank of New York Mellon, the oldest bank in the United States, announced plans to hold and trade Bitcoin and other cryptocurrencies as an asset manager on behalf of its clients. Roman Regelman, senior executive vice president and head of digital at BNY Mellon, believes that the full incorporation of digital assets into the traditional banking infrastructure will take another three to five years.
http://dlvr.it/RsvqCc

You might be interested in …

DeFi and Eth2 are whole new convos for regulators, says SEC’s Hester Peirce

Uncategorized

United States SEC Commissioner Hester Peirce wants to focus on new guidance for DeFi and future Ethereum projects. Hester Peirce, commissioner for the United States Securities and Exchange Commission, explained during an exclusive interview with Cointelegraph that decentralized finance, also known as DeFi, has created new challenges for the SEC.  Peirce, nicknamed “Crypto Mom” for […]

Read More

3 reasons analysts say Ethereum may replicate Bitcoin’s 2016 bull run

Uncategorized

Will Ether be able to replicate the 2016 Bitcoin bull run with DeFi’s momentum? Several analysts believe so. Several prominent analysts say Ether (ETH) is on the cusp of a major bull run despite already gaining nearly 65% in 2021. Ethereum has seen explosive growth in decentralized finance and other areas, causing user activity on […]

Read More

The homeless immigrant who ended up a crypto VC: Etiënne vantKruys

Uncategorized

Growing up in poverty in Suriname, Etinne vantKruys was told by his teacher he’d never succeed but it only made him more determined to not follow in the footsteps of his parents. Thanks, in part, to crypto, he’s now living the dream. Despite his high-flying crypto VC lifestyle today, vantKruys keeps at least one foot […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php