Cryptocurrency custody gives commercial banks a foothold in the market The crypto custody business blossomed in 2019, spearheaded by fintech firms, but now its center of gravity might be shifting. 10786 Total views Analysis
Custody services aren’t the most compelling corner of the crypto ecosystem, but 21st-century solutions for storing and safekeeping digital assets are critical if cryptocurrencies are to achieve widespread adoption.
For that reason, Cowen Inc.’s recent announcement that the 103-year old United States investment bank wants to hold crypto on behalf of asset managers and hedge funds is noteworthy, especially when coupled with similar statements from traditional bank giants such as Bank of New York Mellon and Deutsche Bank earlier this year.
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This article by Hugo Gray was originally published on The Green Fund, and appears here with permission.
Conversely, the Australian Cannabis Index underperformed again last week, as investors turned their attention towards the US cannabis market.
The US cannabis market reacted in jubilation last week, after the Secure and Fair Enforcement (SAFE) Banking Act which would make it legal for insurers and banks to work with the cannabis industry was successfully passed by the House of Representatives.
Meanwhile, the recent influx of states electing to legalize cannabis prompted analysts at the investment firm Cowen Inc to revise their annual market forecast for the US recreational market to $41 billion by 2025.