Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
- Fidelity and Nasdaq Ventures join hands to invest in crypto exchange ErisX
- BTC ETF may not be coming soon but new products would keep institutions interested
- Crypto prices touching interesting lower level which could indicate a bounce may be coming
Institutional crypto products and offerings on the rise
Well, its been a while that Nasdaq and Fidelity announced their intentions to get into cryptocurrency related businesses, but they seem to be in a real hurry to get their hands-on cryptocurrencies. Resultant both Nasdaq and Fidelity have come together to get their hands on cryptos by pooling in an investment of USD 27.5 million in cryptocurrency exchange ErisX which also happens to be a regulated online exchange platform.
This investment will be used by the company to hire staff and “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets,” ErisX Chief Executive Officer Thomas Chippas said in a statement.
While SEC is still to pronounce its verdict on Bitcoin ETF, institutions have started looking at options which allows them to invest in cryptocurrencies. This rising interest of institutions in cryptocurrencies and incremental growth in institutional investors related products and services has taken off the dependence on Bitcoin ETF to get in institutional monies. So irrespective, the decision from SEC goes in favor of Bitcoin ETF or, the availability of new product can still get plenty of institutional money into crypto markets.
Are we in for another bounce in crypto markets?
It’s no secret that crypto prices have been under pressure lately.