Large traditional companies have continued to embrace cryptocurrencies in various ways over the past year, despite the current market downturn.
To keep you up to date on who is doing what to secure their share in the crypto economy, we’ve put together a list of 10 traditional companies that have recently taken (another step) to crypto. death.
In October of this year, investment banking giant JPMorgan rolled out access to four funds from Grayscale Investments and one from Osprey Funds. According to a report from CNBC, the rollout was conducted as a low-key move by the investment bank, in light of CEO Jamie Dimon’s earlier criticism of cryptocurrencies.
However, Dimon’s harsh stance on crypto seems to have softened, with the chief executive in April of this year calling blockchain technology and decentralized finance (DeFi) a “new technology, really”.
In July of this year, major Spanish bank, Banco Santander S.A., the Brazilian subsidiary of the Santander Group, said it plans to start offering crypto-related services to customers.” in the coming months”.
“We recognize that it is a market here to survive and it is not necessarily a reaction to competitors positioning, it is simply a view that our customers there was a demand for this type of property, so we had to find the most accurate way and a more educational way to do so,” Santander Brazil CEO, Mario Leão, said at the time.
Major asset manager BlackRock in August partnered with publicly listed crypto exchange Coinbase to enable its former institutional clients who also own digital assets on Coinbase to use Aladdin. , an asset manager’s software toolkit, to manage their portfolios and conduct risk analysis of investment decisions.
For now, the partnership is solely focused on bitcoin (BTC), although Joseph Chalom, Global Director of Strategic Ecosystem Partners at BlackRock, says that the entire digital asset space is well established. care about. “Our institutional clients are increasingly interested in exposure to the digital asset market,” he said.
In addition to trading with Coinbase, Blackrock in August also launched its first spot bitcoin private trust. The company says the product is available to institutional customers in the US and seeks to track bitcoin’s performance.
4. Schwab Asset Management
Asset manager Schwab earlier this month released its crypto exchange-traded fund Schwab Thematic (ETF), citing customer demand as a reason to do so, CNBC reported.
Commenting on the launch, David Botset, the company’s head of equity product and strategy, called the cryptocurrency “a very speculative investment,” before adding that the company is looking found “several segments of Schwab investors are looking for access to this asset class in their portfolios”.
American fast food chain Chipotle in July of this year unveiled a new interactive game called “Buy The Dip.” The game allows players to win $200,000 worth of free crypto, as well as promo codes for 0.01 USD guacamole and Queso Blanco until the end of the month. This is seen as a way for a traditional company to make itself more attractive to crypto users.
Online payments company Checkout.com in June announced a stablecoin payment solution for its customers, which will initially support USD (USDC). Then, in August, the company said it was also exploring a new crypto payments tool that would allow workers to receive their pay in crypto, according to a report from The Block.
7. Fairfax County Retirement System
A $6.8 billion pension fund from Virginia, USA, says it is looking to invest in the crypto lending market, calling yields achievable with crypto profit farming strategies is “really fascinating”.
Speaking to the Financial Times in August of this year, Katherine Molnar, Investment Director of the Fairfax County Police Retirement System, said the fact is that some people have now withdrawn from the crypto market amid the downturn. Recession means good opportunities exist for those who remain.
8. Ontario Teachers’ Pension Plan Board
Another pension planning organization that seems to be interested in the crypto space is the Ontario Teachers’ Retirement Planning Board, with its investment in major crypto exchange FTX. The latest investment by Ontario teachers (which they also invested in last October) was announced by FTX in January of this year, when the exchange said the pension plans board was among the participants.
German banking giant Commerzbank earlier this year applied for a “crypto custody license” from the country’s financial regulator, BaFin. If Commerzbank can secure the license, it would make it the first bank in the country to take a serious step towards the adoption of digital assets – a major development in the traditionally conservative European banking industry.
Fidelity is another major asset manager that has increasingly taken steps into crypto. And although this company is a well-known player, as it entered the space as early as 2018 when it set up Fidelity Digital Asset Services, its venture into crypto has not stopped. Notably, the company made headlines again in April this year when it decided to allow individual 401(k) pension plan clients to invest in bitcoin – as long as the employers allow it.