Reports indicate that an increasing number of financial institutions in the United States are majorly considering launching some form of crypto service. Tom Robinson, the co-founder of big British crypto firm Elliptic, said that global companies have been expressing growing interest in bitcoin as the crypto continues to set new all-time highs during its current price discovery phase.
Robinson told The Telegraph on February 17, 2021, that his firm saw a major surge in BTC-related inquiries from global banks. The executive also noted that there was a big wave of bitcoin-related demand from US-based banking institutions in the last two months. Robinson said that several financial institutions in the United States are majorly considering launching some form of crypto service.
On the other hand, British banks were the most reserved with regards to the demand’s uptick. Since its launch in 2013, Elliptic has been offering crypto intelligence services to high-profile clients like crypto exchanges and government agencies. The institution works in conjunction with state authorities including the US Federal Bureau of Investigation (FBI).
The managing director at the risk and compliance firm Guidepost Solutions, Megan Prendergast Millard, thinks that the growing BTC trend among many traditional financial institutions is quite natural amid growing adoption. Millard allegedly said that it was quite logical for banks to start opening up to virtual currencies in a similar manner to crypto exchanges to keep the millennials and Generation Z on board.
“Financial institutions are looking to keep their customers and they need to think about who those people are.”
This report comes briefly after the oldest bank in the U.S., Bank of New York Mellon, unveiled its plans to hold and trade bitcoin and several other cryptos as an asset manager on behalf of its customers.
A senior executive vice president and head of digital services at BNY Mellon, Roman Regelman, thinks that the extensive incorporation of digital assets into the traditional banking system might take another three to five years.