20% of financial firms like banks and hedge funds are looking to trade cryptocurrencies soon

Cryptocurrency is still a relatively small part of the trading market, but this survey indicates this niche segment is starting to enter the mainstream of the financial services industry,” Neill Penney, co-head of Trading at Thomson Reuters said in a press release. “This is a major change from a year ago.

 Thomson Reuters surveyed more than 400 clients across its trading solutions, which included hedge funds, large asset managers, and trading desks at the biggest banks. The results showed a widespread familiarity with cryptocurrencies, Thomson Reuters said.

The investor survey results and news Monday that Wall Street giant Goldman Sachs made its first hire for cryptocurrency markets are boosting prices this week, according to Brian Kelly, founder and CEO of BKCM.

“In the last month we have seen Goldman and Barclays publicly acknowledge they are planning to trade cryptocurrency. That has out everyone on notice that institutional money is ready to enter the market,” Kelly said. “This should be very positive for prices.”

 

This article is extracted from: https://www.cnbc.com/2018/04/24/20-percent-of-financial-firms-are-looking-to-trade-crypto-in-2018-survey.html