One in five financial companies admit they consider entering cryptocurrencies trading by the end of next year, an industry poll by Thomson Reuters (TIKER: TRI.NYSE) has revealed.
Around 70% of them could hit the market within the next six months.
The survey was conducted among 400 clients of Thomson Reuters Corp in the finance industry, including large asset managers, hedge funds and trading desks at the biggest banks, the report adds.
Neill Penney, co-head of trading at Thomson Reuters, said that the survey conducted by Reuters confirms that the crypto niche is now starting to enter the mainstream of the financial services industry, despite the fact that “cryptocurrency is still a relatively small part of the trading market”.
Cryptocurrency market capitalization has crossed the $420 billion mark after a week of continuous rebound. The bullish trend is likely to continue, experts believe, supported by a revival of large institutional investors in the crypto market.
Yesterday’s announcement from Goldman Sachs on hiring former trader Justin Schmidt as the investment bank’s first head of digital asset markets has confirmed the rumors that the company was exploring trading crypto.
Earlier this month, Barclays, another Wall Street giant, was in the news for reportedly gauging clients' interest in starting a cryptocurrency trading desk.
By Jade Olafson