Current institutional approach to decentralised finance (DeFi) cityam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cityam.com Daily Mail and Mail on Sunday newspapers.
Over the past decade, though, and particularly in recent months, digital assets have boomed.
Big names like MassMutual, MicroStrategy, and Tesla have bought Bitcoin; PayPal and Square s CashApp have made it easy to buy crypto with the tap of a finger; and major financial players like BNY Mellon and Visa and Mastercard have said they re planning to offer custody and transaction services for certain digital assets.
Some SPACs have even considered getting in on the action, according to people interviewed for this story.
While complex technology and scrutiny from regulators might deter some investors and big firms from adoption, lawyers have been riding the wave, clocking billable hours as they try to help clients reimagine finance while avoiding lawsuits, scandals, and enforcement action.
One of the oldest American banks, Bank of New York Mellon, recently announced that it will start accepting, holding and issuing cryptocurrencies, including Bitcoin.