Corporates' next move in crypto is “a bullish trend.” Regulators are considering how to enable tokenization.
The recent crypto initiatives of Robinhood, Revolut and PayPal show how traditional financial powerhouses are making digital assets a key part of their strategies.
“The floodgates are starting to open,” said Markus Infanger, senior vice president of RippleX, Ripple's payments platform. News.
Many industry experts News Wall Street giants shared that sentiment after a month that saw fintechs and payments behemoths foray into digital assets.
Pooja Lekhi, Vice-Chair of the MBA Department of Quantitative Studies at University Canada West said, “These moves are a huge deal and indicate a bullish trend for crypto and digital assets that are yet to be fully appreciated.
Here are some of the companies that have made moves to expand their crypto and digital assets services in the past month.
Robinhood
Trading app Robinhood It launched crypto transfer services to its European customers earlier this month.
This is the latest sign that Robinhood is jumping into digital assets to become the “on-ramp for the crypto world”. The fintech announced plans to buy the Bitstamp exchange in June for $200 million.
Robinhood did not return a request for comment.
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UK challenger bank Revolut is pushing hard into crypto. Its crypto team headcount grew by 60% this year to 100 workers, a spokesperson told the news outlet. Financial news.
In August, Neobank was newly launched Virtual cards It enabled customers to pay with crypto.
The news comes after Revolut posted a record annual profit of $545 million, driven in part by its crypto push.
“Crypto has become a key component of our 'one app, all things money' value proposition,” said a Revolut spokesperson News.
PayPal
PayPal Announced In October it used its PayPalUSD stablecoin to pay EY invoices.
“B2B payments is ripe for innovation,” Steve Everett, PayPal's director of market development, said in a statement at the time.
Digital currencies, like its stablecoin counterpart, allow businesses to make instant payments around the clock, he noted.
Payments are the latest examples of how PayPal has expanded its crypto services since launching in 2014.
PayPal did not return a request for comment.
State Street and Blackrock
Financial institutions are experimenting with using tokenized financial instruments such as bonds and money market funds to pledge in transactions.
Digital versions of these assets could allow investment banks to automate processes for posting collateral, making it faster and more capital efficient — a market analysts say is worth $19 trillion.
State Street Bank is a working institution These types of projectsChief Product Officer Donna Milrod said Financial news.
BlackRock launched a tokenized money market fund, BUIDL, in March that could be used for this purpose.
Regulators are keen to help organizations unlock this potential. Bloomberg Advisers to financial institutions are reportedly helping the Commodity Futures Trading Commission examine how funds like BUIDL can be used as collateral.
Crypto market movers
Bitcoin is down 1.6% in the last 24 hours to around $60,804. Ethereum fell 1.8% to $2,383.
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Eric Johansson and Joanna Wright both report on the intersection of fintech and crypto. Got a tip? Email them [email protected] And [email protected].
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