Large traditional companies have continued to embrace crypto in various ways over the past year, despite the current market downturn.
To keep you up to date on who is doing what to secure their share of the crypto economy, we’ve put together a list of 10 traditional companies that have recently taken (another) step into crypto.
Investment banking giant JP Morganin October of this year, opened access to four funds of Grayscale Investments and one of Osprey Fund. According to CNBC reports, the rollout came as a low-key move by the investment bank, given CEO Jamie Dimon’s past criticisms of crypto.
However, Dimon’s tough stance on crypto appears to have softened, with the CEO in April this year calling blockchain technology and decentralized finance (DeFi) “real new technologies”.
major spanish bank Santander GroupBrazilian subsidiary of Santander Bank SA said in July this year that it plans to start offering crypto-related services to clients “in the coming months.”
“We recognize that this is a market that is here to stay, and it’s not necessarily a reaction to competitor positioning, it’s just a view that our client has demanded these types of assets, so we need to find the most correct and educational way to do it,” said Mario Leão, CEO of Santander Brazil, at the time.
Major Asset Manager black rock in August in partnership with the publicly traded crypto exchange Coinbase to enable the former’s institutional clients who also own digital assets on Coinbase to use Aladdin, the asset manager’s suite of software tools, to manage their portfolios and perform risk analysis on investment decisions.
For now, the partnership is focused solely on bitcoin (BTC), although Joseph Chalom, global head of ecosystem strategic partnerships at BlackRock, said the entire digital asset space is of interest. . “Our institutional clients are increasingly interested in gaining exposure to digital asset markets,” he said.
In addition to the Coinbase deal, Blackrock also launched its first cash bitcoin private trust in August. The product is available to US institutional clients and seeks to track the performance of bitcoin, the company said.
4. Schwab Asset Management
Asset manager Schwab earlier this month released its exchange-traded fund (ETF) Schwab Crypto Thematic, citing customer demand as the reason for doing so, CNBC reported.
Commenting on the launch, David Botset, the company’s head of equity products and strategy, called crypto “a very speculative investment”, before adding that the company sees “certain segments of Schwab investors looking to access to this asset class in their portfolios”. .”
American fast food chain Chipotle in July this year unveiled a new interactive game called “Buy The Dip”. The game allows players to win $200,000 in free crypto, plus promo codes for $0.01 worth of Guacamole and Queso Blanco through the end of the month. It was seen as a way for a traditional business to make itself more attractive to crypto users.
online payment company Checkout.com in June announced a stablecoin settlement solution for its customers that will initially support USD (USDC) coins. Then, in August, the company said it was also exploring a new crypto payment tool that would allow workers to receive their wages in crypto, according to a report by The Block.
7. Fairfax County Pension Systems
A $6.8 billion pension fund from Virginia, USA, said it is looking to invest in crypto lending markets, calling the returns that can be achieved with crypto yield farming strategies of “really attractive”.
Speaking to the Financial Times in August this year, Katherine Molnar, Chief Investment Officer of Fairfax County Police Officer Retirement Systemsaid the fact that some people have now pulled out of the crypto market amid the recession means good opportunities exist for those who remain.
8. Ontario Teachers’ Pension Plan Board
Another pension plan organization that seems interested in the crypto space is the Ontario Teachers’ Pension Plan Board, with its investment in the leading crypto exchange FTX. The Ontario Teachers’ latest investment (they also invested in October last year) was revealed by FTX in January this year, when the exchange said the pension plan board was among the participants in its latest funding round of $400 million.
German banking giant Commerzbank earlier this year applied for a “crypto custody license” with the country’s financial regulator, BaFin. If Commerzbank can secure the license, it would make it the first bank in the country to take a serious step towards digital asset adoption – a major development in Europe’s traditionally conservative banking industry.
loyalty is another major asset manager that has increasingly taken action in crypto. And although this company is a well-known player, since it entered the space as early as 2018 when it was created Fidelity Digital Asset Services, his adventure in crypto did not stop. Notably, the company made headlines again in April this year when it decided to allow individual 401(k) retirement plan customers to invest in bitcoin – as long as employers allow it.
– South Korea’s SK Securities partners with regional bank for Crypto Custody, NFT Move
– Hyundai securities affiliate to add crypto data to its asset management platform
– A $6.8 billion pension fund to invest in the crypto lending market
– Fidelity’s pension plan will allow employees to invest in Bitcoin
– Ontario teachers continue to invest in FTX which is not available in Ontario
– Banking giant Santander is about to offer crypto trading to Brazilians, because crypto “is here to stay”
– 10 Brazilian Trading Giants Who Took Bitcoin, Crypto Plunge
– Visa is rolling out several ‘Bitcoin Cashback’ cards with partners in Brazil and Argentina