As virtual currencies expand in every single country and more institutional investors are interested in these digital assets, Wall Street is still not offering the possibility to trade cryptocurrencies. But according to a former JP Morgan executive, that’s about to change.
Wall Street Cryptocurrency Trading
As cryptocurrency expand, there is an increased interest from institutional investors – including banks – in trading virtual currencies and other digital assets. But at the moment there are no possibilities in Wall Street.
According to Amber Balder, a former JP Morgan executive, such a move could happen before most of us expect. While talking with CNBC, she explained that major banks could soon start to be involved in cryptocurrencies sooner than people probably thinks.
Ms. Balder said when asked about when Wall Street companies will be opening their trading desk:
“I think it’s coming sooner than people probably think. But even where the will is, the legal and regulatory framework is challenging, and custody is a huge challenge.”
At the same time, she explained that the JP Morgan blockchain platform Quorum has been very successful and it is being implemented in many industries, including the financial world.
The truth is that at the moment, the regulatory framework is not clear and does not allow companies to properly start their businesses. Once the authorities find a way to properly regulate virtual currencies, and activities around them, we could see important players opening their cryptocurrency trading desks at Wall Street.
Clovyr Search Engine
Baldet has also been talking about her new project since she left Wall Street. Clovyr was unveiled at the Consensus conference the last week. About the project she explained:
“There’s no way to discover what’s out there right now; there’s not Google for finding applications. The ability to discover apps is helpful, but the ability to build them is also encompassed in there.”
Clovyr has been designed in order to be the App Store for blockchain decentralized applications. It aims to help enterprises find the correct apps they need in order to leverage their businesses.
In the past, Baldet has been working in the Quorum blockchain platform, which is very common among different financial enterprises.
In the past JP Morgan’s CEO, Jamie Dimon, commented very negatively about Bitcoin and other cryptocurrencies. He said that regulations will ‘kill’ Bitcoin and that investors were stupid if they’ve invested in virtual currencies.
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