Bitcoin recently reached a high of around $8,250 but over the last two days has fallen around 8% to the $7,600.
That’s despite the bullish news coming out of Northern Trust. More on that below.
Northern Trust Corp. is a financial services company that caters to corporations, institutional investors, and high net worth individuals. It’s been around since 1889 and has $10.7 trillion in assets under management.
It provides services like custodianship, fund administration, investment management, investment risk and analytical services, treasury management, brokerage firm services, wealth management, and many more.
Yesterday Forbes wrote about how Northern Trust is significantly expanding its work with blockchain and cryptocurrencies across multiple divisions.
According to Pete Cherecwich, the president of Northern Trust’s corporate and institutional services, Northern Trust has been helping customers with things like validating crypto ownership with customer’s cryptocurrency custodian, risk and control frameworks for anti-money-laundering, and crypto-trade reconciliations.
This is big news as Northern Trust is one of the biggest and most trusted institutions in the financial industry. And the company may eventually add crypto custodianship in the near future. That’s important for hedge funds and institutional investors as they need to safely store client assets.
According to the Forbes article Cherecwich did not expect the company will custody cryptocurrency in the near future.
However, according to Bloomberg, Northern Trust has begun developing a way to secure digital assets held in custody while seeking to charge lower fees than existing crypto custodians. And that was attributed to Cherecwich.
Considering that custodianship is one of Northern Trust’s biggest services, I bet they are working on a product.
What do you think about Northern Trust jumping into crypto?
For more on cryptos follow me 
and trade cryptos on Binance