Large FInancial Institutions Are Still Placing their Funds in Cryptocurrencies

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There are several companies in the market such as Sequoia, Baidu or Nasdaq, among others, that are placing their bets in the cryptocurrency market. Although Bitcoin has fallen 80% from its all-time high in December 2017, these firms show their interest for the most valuable virtual currency in the market.

The Interest for Bitcoin Remains

Perhaps one of the most bullish things for Bitcoin this year is related to the announcement made by the Intercontinental Exchange (ICE) and the intention to launch a crypto platform for institutional investors. Known as Bakkt, this platform would allow new interested investors to place their funds in the market.

However, the intercontinental exchange is not the only large firm thinking about the growth in the crypto space. On December 4, Nasdaq and Fidelity took the decision to invest in the crypto exchange ErisX. The company secured around $27.5 million in a funding round after raising funds from TD Ameritrade.

According to J.B. Mackenzie, the head of TD Ameritrade said that the firm’s investment in ErisX shows that there is a real interest in creating a platform for accredited investors to start having their place in the crypto market.

Thomas Chippas, ErisX CEO, commented that the company will also begin to expand its team in the the U.S. In this way, they will also be able to offer services to institutional and individual investors all over the United States.

On the mater, Chippas commented:

“With increasing financial support from leading-edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants. Closing this second round of funding enables us to continue building our modern platform and expand our team.”

Nasdaq and Fidelity, both of them, are recognized firms that do not take their investments as something without importance. This shows that they are very sure about the future of the space and ErisX.

Sequoia and Baidu have also taken the decision to invest $35 million in a new blockchain protocol that was created by Fr. Andrew Chi-Chih Yao, an information sciences professor at Tsinghua University.

Although the market has experienced a hard drop in the last months, this shows that companies are still bullish about the future of the space and virtual currencies.

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