The Biggest Names in the Financial World are Additional Evidence that Cryptocurrency is Gaining Mainstream Adoption

 By Christine Copper
February 18, 2020

Ryan Miano founder of orca.digital says, “Crypto assets, and bitcoin in particular, were developed as decentralized global assets that can be traded and exchanged with the ease of a currency. Now, a number of financiers and institutional investors that control the flow of trillions of dollars are aggressively expanding the crypto narrative.”

As an early adopter of blockchain technology JP Morgan (JPM) a multinational banking & financial services holding firm in 2019 reported to be in the works developing their own digital coin. The JPM coin reduces client and counter-party settlement risks, decreases capital requirements, and enables instant value transfer.

Fidelity Investments is an American privately owned multinational financial services corporation and as one of the largest asset managers in the world with a combined total customer asset value equaling $6.8 trillion.

The Grayscale Bitcoin Trust is a digital currency investment product which can be bought and sold by individual investors in their own brokerage accounts. It became a SEC reporting company on 21 January 2020, registering its securities with the Commission & designating the Trust as the first digital currency investment vehicle to gain the status of a SEC reporting company. 

The GBTC had around $2.16 billion in assets under management (AUM) and 2.4 million outstanding shares. The trust requires a minimum investment of $50,000 and charges a 2% annual fee that accrues daily for accredited investors who wish to apply as a private placement to the fund. Investors, on the other hand, are eligible to buy as little as 1% of the GBTC public quotation.

The most attractive features blockchains have to offer are their immutable, transparent, publicly accessible data records. As awareness & basic education of the functions of cryptocurrency becomes more commonplace it will have a transformative effect in America and across the world.