The CEO of eToro Thinks That Institutional Investors Have Already Infiltrated Into Crypto Market
Yoni Assia, the CEO of eToro sat down for an interview with NewsBTC to discuss cryptocurrencies and institutional investors.
eToro is the world’s largest social investment network. He has shown an interest in finance and computer science since his youth and so decided to merge his passions. It was this very passion along with the social revolution, which led to the founding and development of eToro’s investment network, where users connect, share, trade and invest in the world’s financial markets. It’s this young CEO’s vision to disrupt the old banking industry and replace it with a new online transparent and social financial system for the benefit of everyone.
For the past year and especially in the past few months, prominent investors and analysts including BlockTower’s Ari Paul and Multicoin Capital’s Kyle Samani have emphasized that to assist the entrance of large-scale institutional investors into the crypto market, an institutional suite of products are necessary.
Several custodian and institutional solutions have emerged in the second quarter of 2018, equipped with secure vaults, cold storage, insurance, and internal management systems to protect the capital of major investors.
As a result of this, the market has already seen a few institutional investors allocate capital into digital assets such as Bitcoin, and regulated financial institutions such as $89 billion investment bank Goldman Sachs have started to offer Bitcoin products to their clients.
David Solomon, the newly appointed CEO of Goldman Sachs said:
“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
Yoni Assia emphasized that more institutions will follow in the upcoming months to facilitate the growing demand towards Bitcoin and potentially other major cryptocurrencies from investors in the traditional finance sector. He said:
“We have already seen some institutions breaking into the crypto market, offering Bitcoin products to their customers. This is set to continue, as investors recognize the value of blockchain technology. Goldman Sachs recently opened their Bitcoin futures trading desk and we expect more financial institutions to follow. Bitcoin is, of course, the most well-known crypto asset, but as the market develops and investors familiarise themselves with these new assets, the scope of products offered will increase. We expect that Ethereum and others will closely follow Bitcoin products offered by market incumbents.”