Why are institutions entering the crypto space? Look at these data, announcements and news

For years, the crypto community has been saying “the agency is coming”… For a long time, we were all wrong. Now, deep in the bear market, it’s becoming increasingly clear that institutions are indeed coming.

Let’s start with some data:

1) In a Fidelity survey of 1,052 institutional investors, 58% currently hold digital assets and 74% plan to buy or invest in digital assets.

2) In a survey of 270 institutional investors by Bank of New York Mellon of the United States, 97% of investors believe that “tokenization will revolutionize asset management”, and 88% of respondents said that they plan to move forward with the current digital asset meter despite the market downturn; 88% of respondents are willing to use stablecoins, 49% are willing to forgo overnight gains from cash deposits, send domestic payments 365 days a day, and 69% are willing to make cross-border payments and remittances.

Investors say that if the regulatory environment is favorable and the necessary infrastructure is in place, they may allocate an average of 29% of their portfolios to digital assets within 2-5 years.

3) Coinbase’s third-quarter earnings report showed: “At the end of the quarter, approximately 25% of the world’s 100 largest hedge funds by reported assets under management had chosen to partner with Coinbase. ”

Key Agency Announcements:

4) BNY Mellon, the oldest bank in the United States, launched BTC and ETH custody for institutional clients, offered in partnership with Fireblocks.

5) The Chicago Board Options Exchange (CBOE) announced it will publish market data on the Pyth Network – further cementing Pyth’s potential impact on the multibillion-dollar market data business.

6) Google announced that it is running a Solana node and plans to offer a fully managed SOL node hosting service in 2023 (previously announced the launch of a hosted blockchain Ethereum node). Google is also indexing Solana data and adding it to the BigQuery data warehouse.

7) Kevin Bowers, Chief Scientist of Jump Crypto, gave a presentation at Solana Breakpoint, Jump’s new Solana validator node client.

8) The Financial Accounting Standards Board (FASB) has updated the accounting rules for cryptocurrencies on corporate balance sheets, which favors more businesses holding cryptocurrencies.

9) Fidelity Digital Investments launches a commission-free crypto trading platform (Fidelity Crypto) through which retail investors can trade BTC and ETH.

NFT messages from major platforms:

10) Reddit launched their “digital collection” (NFT) on Polygon, with Reddit users creating more than 3 million wallets.

11) Instagram announced that it will allow users to mint and sell NFTs on the Polygon blockchain.

Subsequently, Facebook and Instagram announced that users would be allowed to connect web3 wallets and NFTs. Supported blockchains are Ethereum, Polygon, Flow, and Solana (coming soon).

12) Apple now explicitly allows apps to be listed, minted, transferred, and viewed NFTs, which will increase the use of NFTs in the app experience. But there is also a downside, which is that Apple also includes NFT purchases in the 30% IAP (in-app payment) fee.

Big news about institutions and web3 games:

13) South Korean game developer WeMade Games raised $46 million and Microsoft invested $14.8 million. Wemade says its goal is to “change everyday gaming with blockchain technology.”

14) Epic Games released its first web3-based game, Blankos Block Party, on the Epic Games Store

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/why-are-institutions-entering-the-crypto-space-look-at-these-data-announcements-and-news/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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