What Happened on June. 26th | Institutions are Coming?

TI Research

In less than half a month, largest asset management firms start to apply Bitcoin spot ETF, regualted centralized exchange backed by Wall Street giant is on the scenet, and some big banks to provide crypto custody services

Over the years, US SEC has rejected all Bitcoin Spot ETF applications. Why is the market so excited this time for Blackrock? Because Blackrock is different, it is the largest asset manager in the world and its clients include governments, central banks, pension funds, insurance companies, and major hedge fund. The company has both economic and political power that may even affect policy decision. Blackrock currently offers hundreds of ETF products, and only get rejected once over the history of the company.

EDX Markets, the regulated crypto exchange backed by Wall Street Giants is also a sign that this time tradFi players are serious about crypto. The exchanged is backed by:

  • Charles Schwab: one of the largest financial service company with $7 trillion in client asset,
  • Citadel Securities: one of the largest market maker in the world, active in over 50 countries, the largest market maker on New York Stock Exchange.
  • Fidelity: One of the largest asset managers with over $4.3 trillion assets under management.

EDX doesn't directly support retail customers, rather they provide API-based trading access for institutions. The exchange also plan to launch EDX clearing, a clearing house to settle trades executed on the EDX Markets platform.

In Europe, Deutsche Bank AG has applied to operate as a crypto custodian in Germany to offer institution-grade hot and cold storage solutions with insurance-grade protection. Deutsche Bank also plan to allow users to buy and sell digital assets through prime brokers and even provide services such as taxation, valuation and fund administration, lending, staking and voting.

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Source:TokenInsight Gainers and losers

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TI Research

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