State Street sees institutional crypto demand dwindling – Finance Bitcoin News

State Street sees institutional crypto demand dwindling – Finance Bitcoin News

Despite recent price falls, the investment management company State Street reports that its institutional clients are not discouraged from investing in cryptocurrency assets. An official from State Street shared their opinion that “there is a feeling that the asset class is here to stay.”

State Street on the Demand for Cryptocurrency from Institutions

According to an article published on Monday in the Sydney Morning Herald, a renowned investment management business known as State Street believes that institutional demand for cryptocurrencies will not diminish despite recent price declines.

Irfan Ahmad, the product lead for the Asia-Pacific area of State Street Digital, stated that the banking giant’s institutional customers are still interested in cryptocurrency and the technology that underpins it. It was reported that he stated:

Institutional customers did not necessarily double down during the period of June and July, when things were really heating up in terms of activity; nonetheless, they did not let this stop them from putting strategic bets on the asset class itself.

The CEO stressed that the message from that is that there is a feeling that the asset class is here to stay. “The lesson from that is, I think, there is a belief that the asset class is here to stay,”

State Street (NYSE: STT) is a multinational financial services company that has operations in more than 100 geographic locations across the world and employs over 40,000 people on a global scale. As of the 30th of June, the colossal financial services provider had $38.2 trillion in assets that were either being administered or being held in custody, and it managed $3.5 trillion in assets.

According to the information provided on its website, the digital division of the corporation known as State Street Digital offers solutions for a wide variety of digital assets. These digital assets include cryptocurrencies, stablecoins, digital cash, and central bank digital currencies (CBDCs).

Ahmad pointed out that a number of prominent investing companies, such as Goldman Sachs, have recently begun offering crypto-related products and are poised to make additional advances into the cryptocurrency industry. Goldman Sachs made its first loan backed by bitcoin available to customers in April.

In August, Blackrock, the company that manages the most assets on the planet, introduced a spot bitcoin private trust. “Despite the sharp fall in the digital asset market, we are still seeing strong interest from some institutional clients,” the company claimed. “[T]here is still a lot of money to be made in digital assets.”

The State Street executive continued by revealing that institutional customers have expressed interest in the company’s plans to develop cryptocurrency products, expanding as follows:

Certainly, our customers have been communicating with us in a more realistic manner about the ways in which they may be able to launch products, as well as the ways in which they may be able to launch products in the future with our assistance, and this has prompted us to think more strategically about our capabilities.

State Street made the announcement that it would be expanding its cryptocurrency business in July of 2017, citing the rising demand from traditional funds as the primary motivation.

The demand for cryptocurrencies traded on exchanges is also increasing among institutional investors. In August, the Chief Executive Officer of Bitstamp stated that his trading platform is witnessing “huge crypto interest” from institutional customers. In June, the cryptocurrency exchange Binance introduced a whole new trading platform tailored specifically to the needs of institutional investors and high-net-worth individuals.

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