Firms Slow Down Efforts To Make Business Out Of The Bitcoin Mania

cryptocurrency

Established organizations have slowed down their already halting initiatives to make something out of Bitcoin (BTC) mania. While no institution has given up yet, and some still are looking to create a trading infrastructure, many of these businesses have flinched because the value of digital coins have collapsed since the bearish market sentiment took over.

Bitcoin’s Wild Ride Through The Year

Goldman Sachs cutting edge of cryptocurrencies has been slow to say the least. To the point that it is even barely noticeable. Many others in the sector say it was a mistake to have expected that last year’s crypto frenzy will translate to a Wall Street token offering. Even though the company remains a focal point for high expectations when it comes to the establishment embrace of cryptocurrencies it is still hit by the hard times.

After considering operating a custody service for digital assets, the startup invested in BitGo Holdings Inc. The banking giant is yet to offer the trading of digital assets it announced and has gained only little traction for the NDF product it launched recently having signed up only a meager 20 clients, according insiders who are familiar with the issue.

Justin Schmidt, who heads Goldman Sachs digital-asset business, last month revealed at an industry conference that regulators are now halting what he can do. Yet, Goldman is looking to include a digital-assets specialist in its prime brokerage division. With financial regulators only offering little guidance regarding how the broad universe of digital tokens will be classified, whether as commodities, or securities, banks and investment startups continue to tread cautiously. The constant criminal and regulatory probes into the sector isn’t helping matters either.

Believers Remain Positive Despite $700 Billion Drop In Overall Crypto Market Cap

Even after the drop that erased at least $700 billion from the overall market cap of crypto assets, believers remain stuck to their script. This is also the case despite the staggering sell-off in 2018 one year after Bitcoin (BTC) came close to $20,000, the token now trades at $4,000. Cryptocurrency proponents see signs of institutional investments in the coming year. That is investors are preparing to jump back should the need arise.

Bitcoin (BTC) Price Today – BTC / USD
NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

One example is the owner of the New York Stock Exchange, Intercontinental Exchange Inc. The company revealed back in August that it has created a number of services to allow its customers and other institutions store, buy, and sell or even spend cryptocurrency. In October, Fidelity Investments announced plans to manage cryptocurrency for family offices, hedge funds, and exchanges. When Yale University invested in crypto in October the bulls breathed a sigh of relief.

Many Crypto Products Launches Haven’t Gone As Planned

Morgan Stanley, has been prepared to provide swaps tracking Bitcoin futures since September, yet not a single contract has been traded to this point. Citigroup Inc. has failed to trade the products it created for digital assets in the existing regulatory system. In London, Barclays Plc’s client interest on a cryptocurrency trading platform appears to have abandoned their plans. In fact insiders say the company has no plans to launch a cryptocurrency exchange currently.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.