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Top 10 US Banks Investing in Cryptocurrency

 Since the beginning, banking has been a life-long pursuit. Regardless of how old you are, or what you do for a living, it’s never easy to establish your own bank account or credit history. This is especially true if you don’t have any formal financial training or experience. Luckily for some and unfortunately for others, banking has become easier in recent years because of the advent of virtual currencies like Bitcoin and Ethereum. Cryptocurrencies are digital money that is created and stored electronically.Cryptocurrencies can be used as a medium of exchange, a store of value, or even as an investment . Just like how many financial institutions participate in the stock market today , some banks are also investing in cryptocurrency Today we'll take a look at 10 US banks that are betting on blockchain technology as their future business model and invest in digital currency directly themselves.

Top 10 US Banks Investing in Cryptocurrency


What is blockchain?

If you’ve ever opened up a business plan or read a whitepaper about blockchain, chances are you’ll see the word “decentralized” thrown around a lot. What you might not know is that blockchain is a decentralized system, but it’s also managed, or decentralized, meaning it’s managed by many people or entities. In the case of cryptocurrencies, a blockchain acts as a public record, or ledger, of all transactions that have ever occurred with a given cryptocurrency. It’s like a computerized version of the books kept by financial institutions. It’s decentralized yet managed, making it an important technology that’s paving the way for future financial innovation.

What is blockchain?


JPMorgan’s investments in blockchain

The investment giant, JPMorgan, has been making headlines lately for its persistent and growing investments in the blockchain industry. In October of last year, the bank’s head of investment strategy, Tobias Peterson, spoke about the company’s increasing interest in blockchain technology as a way to streamline and automate several business processes. His speech at the Annual Partners in Finance conference in New York went into detail about the growing importance of blockchain technology as a way to upgrade existing systems and to create new solutions. Peterson noted that while blockchain technology might not be the right solution for every company just yet, it will become more and more relevant as time goes on. Specifically, he pointed out that the technology could help streamline everything from digital contracts to the transfer of assets.

Nasdaq invests in blockchain startup tZERO

Nasdaq invests in blockchain startup tZERO


Nasdaq is one of the world’s largest share trading platforms. A blockchain startup, tZERO, may be looking to partner with the company to improve its record-keeping system. The current system is prone to errors and human error, which makes it vulnerable to fraud. tZERO, which is based in New York, offers a decentralized platform for trading shares that runs on blockchain technology. The company claims that it can eliminate the time and cost associated with submitting and processing trade requests. This could result in an increase in trading volumes at Nasdaq’s platform. This would be a positive development for both parties since it would mean more revenue for Nasdaq and more profits for tZERO.

Goldman Sachs creates a cryptocurrency trading desk

Goldman Sachs creates a cryptocurrency trading desk


One of the most famous banking institutions in the world, Goldman Sachs, has a new trading desk dedicated to crypto assets. This trading desk will help clients trade digital assets like Bitcoin, Ether and other assets that are based on the blockchain. The recent news came as a surprise to many people because it wasn’t expected to happen for a while, as reported by CNBC. What is more interesting is that the trading desk will be integrated with the bank’s existing global trading platform. As a result, clients will be able to buy and sell cryptocurrencies right through their current investment portfolio. In addition, Goldman Sachs wants to give its clients access to the growing crypto asset market. With its new platform, clients will be able to access the growing market for investing in cryptocurrencies. This development shows that banks are becoming a lot more active in their approach towards crypto assets.

Morgan Stanley launches a blockchain platform

Morgan Stanley launches a blockchain platform


Morgan Stanley, one of the most established investment banks in the world, has launched a new blockchain-based platform. The platform, called “Investor Blockchain,” allows investors to trade around securities like stocks, bonds or commodities. It also allows investors to create custom investment portfolios. Investor Blockchain will be available to a wide range of investors, including institutional investors and hedge funds. Some of the features of the platform include a marketplace, where third-party services can be offered, and a partnership system, where external investment firms can post investment opportunities to be bought and sold by investors. Investor Blockchain is a great example of the kind of innovation that will be spurred by the application of blockchain technology to the financial sector.

Conclusion

Banking has been a long and challenging road for most people. Now, with the help of virtual currencies like Bitcoin and Ethereum, it may just become a little easier. If you’ve been thinking about establishing a bank account or trying to get a new credit card, now may be your best chance. Many of the world’s largest banks have announced plans to offer their customers the opportunity to use virtual currencies. These include JP Morgan Chase, Citigroup, Wells Fargo and Bank of America.

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