Wall Street Demand For Crypto Rises as Exchange Activity Thrives in Bear Market

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The interest of Wall Street firms towards opportunities in crypto custody and asset management has continued to increase despite the 80 percent correction the market experienced in 2018.Sanford C. Bernstein & Co. analysts refuted recent reports about the struggle of cryptocurrency exchanges and stated that digital asset trading platforms have been recording solid volumes, generating large revenues.The analysts added that the strong performance of cryptocurrency trading platforms in a bear market or a downtrend led the demand for crypto from Wall Street firms to increase.“As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms,” the analysts told Bloomberg.Will Banks Join the Crypto Sector?Already, some of the world’s largest banks including Goldman Sachs and JPMorgan have disclosed their ongoing initiatives to serve clients interested in cryptocurrencies as an asset class.In June, David Solomon, the newly appointed CEO and chairman of Goldman Sachs,