Convinced by Bitcoin? Sort out the digital currency layout of banking giants and traditional institutions

Xiaoran

21-02-21 17:06

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Original title: "Convinced by Bitcoin? Sorting out the digital currency layout of banking giants and traditional institutions"

Original source: PANews

Musk himself may not have imagined that Tesla, which he founded, spent 1.5 billion US dollars to buy Bitcoin, and only 10 days later, the floating profit reached 800 million The U.S. dollar has exceeded the profit of the self-made car for more than ten years, and the "shouting orders" of the richest man and major traditional institutions have also directly brought the market value of Bitcoin to the trillion-dollar mark.

span class="alert">BTC "ammunition", the company has been buying since last year More than 70,000 bitcoins were raised.

Of course, not only these institutions and rich people who are buying in the market, but also the traditional banking industry has accelerated its embrace and openness to cryptocurrencies in the past two years, which will pave the way for the future Paving the way for wider acceptance of cryptocurrencies.

PANews is here to sort out the integration of the banking industry and major listed companies into the encryption industry so far. Confidence The solid power of big money entry.

Banking and Encryption Enterprises: Two-way Openness and Accelerated Integration

As we all know, many regulatory agencies have a prejudice against the encryption market: the lack of reliable custody methods, in other words, many encryption industry institutions cannot access complete banking services, which undoubtedly prevents listed companies from allocating encrypted assets. Core constraints. This situation has changed dramatically in 2020.

Eleven of them are concentrated in the United States, 10 in Switzerland, and others are mainly located in European financial cities such as the United Kingdom, Germany, and Malta. The median assets of these banks is 866 million US dollars, and there are 6 banks with total assets of more than 2 billion US dollars.

The strong position of the United States in the encryption banking industry is not only the result of its long-term continuous exploration of the encryption industry, but also the A series of administrative orders issued by the Office of Supervisory Control (OCC) last year are all irrelevant, prompting crypto-native companies and banks to rush towards each other and embrace each other.

For example, the U.S. OCC launched Payment Charters, making Kraken, Paxos, and BitGo can convert state trust company licenses to national trust bank licenses

OCC at the same time It also opens up exposure for the U.S. banking industry to directly host encrypted assets, and even further allows the banking industry to use public chain, encrypted U.S. dollar stable currency in the future span> as an infrastructure for payment, clearing and settlement. It is against this backdrop that the news of PayPal attempting to negotiate the acquisition of BitGo and other crypto-native custodians emerged, while Coinbase< The accelerated listing of /span> undoubtedly also benefited from this. As of February 20, the valuation of Coinbase in the Nasdaq private equity market has reached 100 billion US dollars.

It can be seen that many banking giants have entered the game or made positive statements.

According to PANews, JPMorgan Chase is currently licensed for Coinbase, Gpini, etc. in the United States The Exchange provides banking services. Daniel Pinto, co-president of JPMorgan Chase & Co., recently said that the institution will eventually have to launch bitcoin services.

One of the world’s largest custodian banks, BNY Mellon, announced that it will launch a new digital currency custody unit in 2021 , to help users trade digital assets, including cryptocurrencies.

earlier. In 2019, the Swiss Financial Supervisory Authority (FINMA) opened up qualified encryption companies to apply for banking licenses with a limit of 100 million Swiss francs deposits, and allowed the traditional banking industry to participate in this process; in the same year, it approved Vontobel, A number of traditional large banks in the country, such as Swissquote, have carried out encrypted asset custody business, and approved SEBA and Sygnum's banking licenses based on encrypted capital industry.

In Asia, DBS Bank of Singapore led the world and launched an integrated platform for digital asset issuance, trading and custody. Early support for BTC, ETH, BCH, XRP and Singapore dollar, US dollar, Hong Kong dollar and Japanese yen.

Convinced by Bitcoin? Sort out the digital currency layout of banking giants and traditional institutions

BTC quickly becomes the standard configuration of listed companies, running to relieve Fomo emotions

If the continuous iteration of traditional large banks and encrypted banks is the basic ticket for companies like Tesla to enter the market, then all listed companies will end up Bitcoin has prepared enough playmates for Tesla.

According to the statistics of bitcointreasuries.org, up to now, there are 19 listed companies in North America/Europe that have allocated BTC. "ETF-like" funds such as Grayscale and CoinShares act as the mainstay and manage a huge amount of BTC. After the two departments add up, the total amount of BTC held reaches an astonishing 948,720, accounting for 4.747% of the total amount of BTC.

It is particularly worth noting that Grayscale The business of the fund (Grayscale) has achieved rapid growth in 2020, and the AUM has increased by nearly 50 times, reaching a level of 17 billion+ US dollars in early 2021. As of Beijing time On February 20, the AUM of Grayscale Fund reached 43.626 billion US dollars.

Convinced by Bitcoin? Sort out the digital currency layout of banking giants and traditional institutions

< span>The market expects that there will be more competitors for such funds in 2021. The Bitcoin ETF, which has not been reviewed for a long time in the United States, also has a high probability of being approved for launch this year, and they may have more competitive funds than Grayscale. management fee rate.

For example, the newly launched Bitcoin Trust Fund by BlockFi has an annualized management fee rate of only 1.75%, which is lower than that of Grayscale Fund The price of GBTC is 0.25% lower; two BTC ETFs have recently started trading in the north of the United States and Canada. The first ETF named BTCC recorded a single-day trading volume of 165 million U.S. dollars. In China, it is even managed by a well-known fund like Dan Bin people's attention.

For listed institutions like Tesla, they will undoubtedly have more tools and channels to configure and arbitrage BTC, And this kind of buying BTC directly through the fully compliant securities market will surely become a safer choice for listed institutions.