The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Goldman Sachs, Morgan Stanley, Citigroup and NYSE Owner Prepare to Back Bitcoin and Cryptocurrency

by Daily Hodl Staff
September 15, 2018
in Bitcoin

It’s getting harder for the naysayers to pretend Wall Street’s biggest players will avoid bringing Bitcoin and cryptocurrency to their clients.

Goldman Sachs, Morgan Stanley, Citigroup, and the owner of the New York Stock Exchange (ICE) are all reportedly gearing up to launch Bitcoin products and services for institutional investors.

Goldman, one of the largest investment banks in the world, gave cryptocurrencies a major Wall Street boost earlier this month when its chief financial officer, Mark Chavez, affirmed the development of a Bitcoin derivative. He also called reports that Goldman is abandoning plans to open a crypto trading desk “fake news.”

Speaking at TechCrunch Disrupt Conference in San Francisco, Chavez said the bank is working on “non-deliverable forwards,” which are over-the-counter derivatives that are settled in US dollars and have the reference price tied to the Bitcoin-US dollar price that’s set by a group of exchanges. Chavez says that the bank is planning to offer the Bitcoin derivative because it’s what clients want.

Prior to making a move into crypto, the bank has analyzed the fundamentals of Bitcoin, its market potential and the behavioral changes of a growing class of investors: Millennials. Goldman has also taken note of the emergence of smartphones in mobile banking and mobile payments, with aggressive moves from Robinhood, Revolut and Coinbase, all of which have long-term crypto strategies.

Banking giant Citigroup is also moving into crypto, according to various reports. Its angle is a digital asset receipt (DAR), an instrument that allows for, perhaps, the most direct way to invest in Bitcoin and cryptocurrencies without having to own the underlying asset directly.

As Wall Street tries to figure out the best ways to “financialize” Bitcoin and cryptocurrencies, it wants to achieve the same principles that have made bankers and high-net wealth individuals flush with cash: make lots of passive income by minimizing as much risk as possible.

Business Insider reports that Citigroup may have “cracked the cryptocurrency code.” The DAR, which allows US investors to invest in foreign stocks that are in regulated markets, acts like an American depositary receipt. It effectively gives Wall Street investors a way into Bitcoin with less risk.

Citigroup also calls out the coming digital transformation in banking in its latest report, and Citibank is reportedly exploring consumer crypto products.

Morgan Stanley is the latest to jump on the bandwagon, according to a source who spoke to Bloomberg,

“Investors will be able to go long or short using the so-called price return swaps, and Morgan Stanley will charge a spread for each transaction, the person said. 

The bank is already technically prepared to offer the Bitcoin swap trading, and will launch once there is proven institutional client demand and after the completion of an internal approval process, the person said.”

The biggest and boldest crypto project comes from Intercontinental Exchange (ICE), owner of the New York Stock Exchange. As Goldman Sachs reports, cryptocurrencies represent just 0.3% of world GDP. That’s a lot of opportunity for any company or conglomerate that can financialize Bitcoin and sell it to Wall Street.

ICE tapped partners Microsoft, Starbucks and Boston Consulting Group to launch Bakkt, a Bitcoin exchange that’s scheduled to launch in November, subject to regulatory approval.

[the_ad id="42537"] [the_ad id="42536"]

Says Jeffrey Sprecher, founder and CEO of ICE,

“In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.”

Bakkt is going to be bringing the futures market that $BTC should have had from day one… Future contracts that are actually settled in Bitcoin instead cash settled… Coming in November. The more I read about @Bakkt , the more excited I get.https://t.co/mNzZSJM3xw

— Cryptounicorn (@Crypt0Unicorn) September 12, 2018

Bakkt will offer investors one-day Bitcoin futures contracts. The agreements assure buyers that they’ll receive the Bitcoin they purchase at a set price one day later.

The venture aligns with industry insiders like Jack Dorsey, CEO of Twitter and Square, who believe Bitcoin can become the currency of the internet.

”Bitcoin would greatly simplify the movement of global money, it has the potential to become the first worldwide currency” https://t.co/srmIIwH5jd

— Bakkt (@Bakkt) August 31, 2018

While the debate about Wall Street’s full-throttled entrance into Bitcoin continues, computer science engineers are quietly coding, building Bakkt and its critical crypto infrastructure to onboard the world.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$22,772.10
$22,772.10
4.85%
Ethereum
$1,552.87
$1,552.87
6.23%
Cardano
$0.372728
$0.372728
6.17%
XRP
$0.396067
$0.396067
5.11%
Dogecoin
$0.087194
$0.087194
3.9%

Spotlight

  • Largest Crypto Hedge Fund in the World Says DeFi Will Drive the Next Crypto Bull Market
    January 24, 2023
  • Billionaire Dogecoin Advocate Elon Musk Doubles Down on Offer To Eat Happy Meal on TV if McDonald’s Accepts DOGE
    January 27, 2023
  • Crypto Strategist Who Nailed 2023 Bitcoin Rally Says Real BTC Move Is Yet To Come – Here Are His Targets
    January 23, 2023
  • Top Bloomberg Analyst Says Bitcoin (BTC) Should Add Another Zero To Price – But There’s a Catch
    January 25, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl