The recent explosion in the fame of cryptocurrencies has prompted several traditional institutions, including major banks, insurance companies, and other financial services firms to move into the crypto space with investments. The most latest to join the cryptocurrency hub is Tesla, the famous e-car manufacturer giant which has invested a massive $1.5 billion investment in the world’s oldest digital currency Bitcoin (BTC).
Now everyone wants to get involved with cryptocurrencies particularly with the leading digital currency as the demand and interest for these digital assets has exploded over recent times after the top-ranked cryptocurrency recorded its all-time high above the figure of $48k followed by the famous altcoin Ethereum’s bullish rally towards its all-time high of $1870.
The demand for digital assets is still growing, and this rising demand is likely to attract the attention of many more financial institutions towards the digital currency sector. One of them that seem to be getting attracted to cryptocurrencies is JP Morgan Chase, the major investment banking and financial services firm. A senior executive from JP Morgan has said that the bank could soon be offering services for cryptocurrencies.
Daniel Pinto, the Chief Operating Officer (COO) and Co-President of JP Morgan Chase has said in an interview with Hugh Son (a financial journalist) that the bank will begin supporting digital currencies and will offer services for them when there is sufficient demand for crypto assets. And they will continue to provide users with crypto services if this growing demand keeps on rising in the future too. He said that the demand for this asset class has not reached that level where the company wants to see it. But at some point, the demand for cryptocurrencies will reach there, and he is sure of it, he said in the interview.
The demand and interest for Bitcoin and other digital assets were driven largely by the business intelligence firm MicroStrategy when it disclosed its massive investment in the major digital currency. Now, Tesla has fueled this demand further with its $1.5 billion investment. Now, many major corporations are eying on the primary cryptocurrency. Reportedly, Bank Of New York Mellon, which is considered as one of the oldest banks in the United States has also disclosed its entrance into the crypto world with the rollout of cryptocurrency custody services for users.