Diar Reveals Wall Street’s Five Largest Banks' All Have Crypto Interest Excluding Wells Fargo

Diar Reveals Wall Street’s Top Five Investment Banks’ Interest Within Crypto Sphere

Digital assets and regulation news outlet, Diar has recently issued a piece that involves cryptocurrency within Wall Street’s notable investment banks. This alone has helped to boost confidence in crypto investors, especially considering the unfavorable trends that have been witness over the past nine months.

Based on Diar’s reporting, five of U.S’ investment banks have expressed some form of interest in trading Bitcoin and altcoins. In particular, they include JP Morgan, Bank of America, Citigroup, Goldman Sachs and lastly, Morgan Stanley.

Morgan Stanley was the latest bank to indulge in cryptocurrencies as it announced a soon-to-be Bitcoin swaps service tied to Bitcoin futures. Moving forward the bank plans to establish a trading desk for digital asset derivatives. With the products in place, the only thing that the bank is seeking is demand on behalf of institutional investors.

As for the product or direction the remaining four banks plan to take, brief details have been offered. For instance, JP Morgan’s key focus includes crypto assets division and investing in blockchain projects.

Bank of America focuses primarily on custodians, and blockchain patents. Citigroup took on a different approach by emphasizing on the need for non-custodial crypto trading and lastly, Goldman Sachs has been on the sidelines – waiting for the right time to launch bitcoin derivatives and a cryptocurrency trading desk.

How the Banks Went About Entering the Crypto Sphere

Ethereum World News has reported on the findings presented by Diar, with a closer look at the actual paths travelled by the said firms.

For instance, JP Morgan’s CEO and Chairman, Jamie Dimon, has explicitly shared discomfort surrounding cryptocurrencies, but today, the firm has been “looking into” its likes by contributing to blockchain-backed projects. Bank of America seems to have held a positive stance on the market from the start, as it has already filed for a second patent that involves crypto custodians.

Citigroup was also mentioned as having a rather neutral stance on cryptocurrencies, unlike the opposition expressed by JP Morgan’s representative. They have since created a product dubbed “Digital Asset Receipt”, DAR for short. DAR was created with the intentions of providing investors with “exposure of Bitcoin’s often-drastic price fluctuations, without actually having to worry about holding the digital asset,” as noted by Ethereum World News.

Of all the investment banks, Goldman Sachs’ position on the crypto sphere has been a bumpy ride. The firm first held a strong stance against the market, with it being replaced by news of a potential custodian service and trading desk, which was then deemed as “fake news”.

With the top five banks deemed as possible supporters for cryptocurrencies, excluding Wells Fargo, do you think that Wall Street’s involvement will increase demand within the crypto sphere? Let us know in the comments below.

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