banking system’s exposure to crypto appears “to be very limited,” so the market collapse had little impact on the overall financial system, the report said. The crypto crash wiped out $2 trillion in value in just a few months.There are serious risks “from concentrated exposures” to big banks and institutions, according to a newly released report on crypto by the Financial Stability Oversight Council, part of the U.S. Just last month, Dimon dismissed crypto tokens as “ decentralized Ponzi schemes.” JPMorgan Chase has invested in crypto companies, including blockchain intelligence company TRM Labs, despite CEO Jamie Dimon’s public skepticism about crypto.State Street said it plans to offer digital custody services for cryptocurrencies and other digital assets. BlackRock, the world’s biggest asset manager, has teamed up with Coinbase to offer clients access to bitcoin and other cryptocurrencies. Other big institutions are already in crypto.CEO Robin Vince said in a statement that it makes sense for BNY Mellon to join the party, given that the bank has the “scale to reimagine financial markets through blockchain technology and digital assets.” About 41% already hold crypto in their portfolio, while 15% said they plan to add digital assets in the next two to five years.The crypto craze is strong on Wall Street, with 91% of institutional investors saying they’re interested in “investing in tokenized products,” according to BNY Mellon’s survey. But BNY Mellon’s announcement that it will begin holding crypto assets for its customers comes a week after the Treasury Department warned about big banks and investment firms dabbling in digital assets. America’s oldest bank is dipping its toes into the finance world’s newest trend.
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