4 Traditional Companies Moving to Crypto despite the Crypto winter
Cryptocurrencies have suffered a lot this year with Bitcoin losing almost 70% of its value from its November all-time high of nearly $69,000. The cryptocurrency market has lost close to $2 trillion in value. According to Ridyard’s definition “A bear market is when the market is going down, and a crypto winter is when it goes sideways, and doesn’t really do anything” this is the present scenario of the market but despite crypto winter people are optimistic about its future. A few industry giants have recently moved into crypto to be part of this virtual revolution.
To keep you more informed we have listed down 3 big companies that have recently taken a step into crypto.
In October this year, investment banking giant JP Morgan rolled out four funds from Greyscale Investments and one fund from Osprey Funds. Both Greyscale Investments and Osprey Funds are digital currency investment firms which have been in the market for almost 8 years. Jamie Demon, the CEO referred to blockchain technology and decentralized finance (De-Fi) as “real, new technologies” in April this year. The statement was not something anyone expected because in October 2021 Jamie called bitcoin worthless. This might be one of the reasons the firm went low profile on the rollout of funds.
Spanish Bank Santander’s Group’s Brazilian subsidiary Banco Santander S.A. announced in July this year that they are planning to offer crypto-related services to customers in the coming months. Santander Brazil CEO Maria Leão also said “We recognize that it is a market that is here to stay, and it is not necessarily a reaction to competitors positioning themselves, it is simply a view that our client has demanded this type of assets, so we have to find the most correct and more educational way of doing so.”
Blackrock, one of the major asset managers partnered with Coinbase, a publicly listed crypto exchange in August. This step was taken in Blackrock’s client’s interests who also use Coinbase to use Aladdin, Blackrock’s suite of software tools, to manage their portfolios and conduct risk analysis on investment decisions. As of now, the partnership is focused on BTC only but the company wants to explore the digital asset space says Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock.
Fidelity, a well known asset manager has also taken steps into crypto expansion within the firm. The company entered into crypto in 2018 by setting up Fidelity Digital Asset Services. Yet again Fidelity is in news in April this year when it decided to allow individual 401(k) pension plan clients to invest in bitcoin – as long as the employers allow it.
The US fast food chain Chipotle in July launched a new game called “Buy the Dip”. Players can win USD 200,000 worth of free crypto as well as promo codes for USD 0.01 guacamole and Queso Blanco until the end of the month. The company is trying to get crypto users’ attention with this campaign.
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