What can I say? The adoption of crypto by large scale financial institutions is taking longer than expected but is still on track.
The bear market certainly caused some to hesitate but today we have confirmation that things are moving forward as planned.
The Wall Street backed service Bakkt, which plans to allow clients to store and spend crypto in a user-friendly and secure way, has clearly demonstrated that they are going ahead despite delays caused by the partial US government shutdown.
In this blog post yesterday, Bakkt CEO Kelly Loeffler announced their first strategic acquisition. The Chicago based company they’re buying is Rosenthal Collins Group, which boasts more than 100 years experience in the financial services industry. The deal, which is set to be finalized next month, will see RCG’s team completely integrated into the young crypto company.
Meanwhile, in Switzerland, a country that is way ahead of the curve on crypto adoption, a major financial institution known as Vontobel has announced their own crypto custodial service and digital asset vault, which is available for their clients now.
My friends, institutional adoption of cryptoassets is finally upon us.
eToro, Senior Market Analyst
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Please note: All data, figures & graphs are valid as of January 15th. All trading carries risk. Only risk capital you can afford to lose.
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