A new report on institutional interest in cryptocurrency shows the vast majority of financial executives believe crypto is here to stay.
Greenwich Associates asked institutional market makers across North America, Europe and Asia about the future of crypto. The respondents work at a variety of organizations and include asset managers, investment banks, brokers and hedge funds. According to the results, 72% believe cryptocurrency is not going away.
The poll of 141 finance executives follows a long list of revelations that big market movers are getting into cryptocurrency.
Last month, the owner of the New York Stock Exchange announced a partnership with Microsoft and Starbucks to create Bakkt, a regulated, global ecosystem for digital assets.
Coinbase has started to implement a series of products for institutional investors that it believes will bring $10 billion of Wall Street money into the crypto space. The list includes the newly launched Coinbase Custody, a digital asset custody solution for institutions.
Goldman-backed Circle is also working with US regulators to create a qualified crypto custody solution.
Susquehanna International Group (SIG) is now offering clients the ability to buy and sell Bitcoin.
Fidelity Investments is reportedly looking for talent to build a new cryptocurrency exchange.
And the latest data from New York-based investment firm Grayscale Investments shows institutional investment in crypto is already on the rise. According to the report, 56% of its investments in the first half of 2018 came from institutional investors with deep pockets.
Ripple CEO Brad Garlinghouse says his company is seeing a similar trend. Ripple is selling an increasing amount of XRP directly to institutional investors.