Cryptocurrency Custodian Services are Wall Street’s Chance at Being Crypto-Relevant

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Despite the world’s top banks and financial institutions taking periodic jabs at the cryptocurrency market, a behind-the-scenes look suggests substantial interest. With the rising number of blockchain patents, crypto experiments and cross-border blockchain remittances, cryptocurrencies are an asset class the banks can show disdain toward, but not avoid. Two-Faced Banking Show The CEOs of two top American banks–JPMorgan Chase & Co and Goldman Sachs Group Inc.–have been public with their reluctance toward cryptocurrencies, with JPMorgan CEO Jamie Dimon famously calling crypto a “giant fraud” in 2017 and Goldman Sachs CEO Lloyd Blankfein citing “crypto mania,” alongside terrorism, as a market risk. However, the banks’ recent actions prove otherwise. JPMorgan and Goldman are both reportedly facilitating bitcoin trading, both actual and derivatives, on behalf of their multi-millionaire clients. Other financial institutions, meanwhile, have hired approximately 20 traders to develop crypto-based financial products for customers, as reported by the Financial Times.