<ul class="summary-list"><li>A <keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> executive quit after making millions from <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>, eFinancialCareers reported.</li><li>The former employee did not immediately respond to Insider's request for comment.</li><li>The report said he might be starting a hedge fund.</li></ul>A Goldman Sachs managing director quit after making millions of dollars in profit from the meme currency dogecoin, <a href="https://www.efinancialcareers.com/news/2021/05/goldman-sachs-london-md-dogecoin">eFinancialCareers reported on Monday</a>.The executive, Aziz McMahon, has been with the bank's London bureau for 14 years, according to his <a href="https://www.linkedin.com/in/aziz-mcmahon-8474036b/">LinkedIn profile</a>.Goldman confirmed McMahon's departure but did not provide a reason. McMahon did not immediately respond to Insider's request for comment.Sources told eFinancialCareers that he might be starting a hedge fund.Dogecoin, a Shiba Inu-themed token that <a href="https://www.businessinsider.com/what-is-dogecoin-2013-12">started as a joke in 2013</a>, has skyrocketed by 10,300% year-to-date, thanks in part to well-known backers such as <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-dogefather-tweet-snl-host-crypto-bitcoin-2021-4-1030358546" target="_blank" rel="noopener">Elon Musk</a>, <a href="https://markets.businessinsider.com/currencies/news/billionaire-investor-mark-cuban-no-clue-dogecoin-price-gain-means-2021-4-1030316868" target="_blank" rel="noopener">Mark Cuban</a>, the rapper Snoop Dogg, and the Kiss member Gene Simmons.Because of dogecoin's wild price swings, many people <a href="https://markets.businessinsider.com/news/stocks/dogecoin-doge-usd-retail-investing-420-doge-day-meme-market-2021-4-1030340590">have reported profiting from the meme token</a>, mostly younger retail investors with a higher risk appetite.As investors have pumped more cash into dogecoin, the token has become the world's fifth-largest <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> by market capitalization, hovering at about $63 billion on Monday, <a href="https://www.coingecko.com/en">according to CoinGecko</a>.<a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-spacex-launches-doge-funded-moon-mission-2021-5-1030408073">Over the weekend</a>, dogecoin <a href="https://www.businessinsider.com/dogecoin-drop-robinhood-down-elon-musk-snl-episode-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">tumbled by 30%</a> after Musk's <a href="https://www.youtube.com/watch?v=x5RCfQyTDFI" target="_blank" rel="noopener">"Saturday Night Live" appearance</a>, during which he called the meme token a "hustle," said it was "<a href="https://www.businessinsider.com/snl-elon-musk-dogecoin-hustle-future-currency-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">as real</a>" as a dollar bill, and predicted it would "take over the world."It's unclear what McMahon will do, but several executives from traditional banking and finance institutions have jumped to the cryptocurrency space: John Dalby, Bridgewater Associates' chief financial officer, <a href="https://markets.businessinsider.com/news/stocks/john-dalby-bridgewater-cfo-joins-crypto-firm-nydig-hedge-fund-2021-5-1030403659">joined the crypto firm NYDIG</a>, while Christopher Giancarlo, the former chairman of the US Commodity Futures Trading Commission, <a href="https://www.prnewswire.com/news-releases/j-christopher-giancarlo-former-cftc-chairman-joins-blockfi-board-of-directors-301272972.html">joined the crypto financial-services firm BlockFi</a>.Read more: <a href="https://www.businessinsider.com/bitcoin-ether-prices-will-reach-100k-10k-fundstrat-digital-assets-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Fundstrat's head of digital assets research walks us through his $100,000 and $10,500 year-end price targets for bitcoin and ether - and shares the 8 tokens he's bullish on</a>

A Goldman Sachs managing director reportedly quit after raking in huge gains from dogecoin

<ul class="summary-list"><li><keyword id="5300879" type="PERSON" weightage="60" keywordseo="mike-novogratz">Mike Novogratz</keyword>'s Galaxy Digital is the latest firm to apply for a <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF">bitcoin ETF</keyword> with the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword>.</li><li>The New York-based digital asset bank is already a sub-advisor to an active <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> ETF in Canada.</li><li>Regulators are weighing similar applications from eight other firms including Grayscale and SkyBridge.</li></ul>Galaxy Digital, a crypto asset bank run by billionaire Mike Novogratz, filed for approval to launch a bitcoin exchange-traded fund on Monday, according to a <a href="https://www.sec.gov/Archives/edgar/data/1855781/000095010321005427/dp149207_s1.htm">Securities and Exchange Commission filing</a>. The submitted S-1 form is an initial registration filing used by companies that intend to publicly register their securities.Galaxy intends for its ETF to trade on the NYSE Arca, according to the filing. The fund has not yet named an ETF custodian, so it's likely that amended filings will be submitted in due course. The firm already acts as a sub-advisor to a publicly-traded bitcoin ETF in Canada - the CI Galaxy Bitcoin ETF. As of March 31, the fund holds about <a href="https://assets.ctfassets.net/rbgwch8v5pod/2slbRvTU1dKcZCIn1IkzIh/793871c15c01f690148ac1dfd523f155/20210331_GDCM_AUM_Press_Release_vF.pdf">$1 billion</a> in assets under management. Galaxy only lately appointed Alex Ioffe, formerly a <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> chief at Virtu Financial, as its new CFO. Billionaire Mike Novogratz recently said he expects <a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-cap-gold-mike-novogratz-goldman-sachs-wall-street-2021-4-1030267918">bitcoin to overtake gold's market value</a> as more institutional players enter the space. "The more people involved in this space, the more big firms, if it's Tesla, or MicroStrategy, or Goldman, or Morgan Stanley, the more wealthy individuals - the harder it is politically to say 'hey we don't like this anymore'," he said.The race is heating up as Galaxy follows eight other firms in applying for a bitcoin ETF. Regulators are weighing applications from <a href="https://markets.businessinsider.com/news/stocks/grayscale-bitcoin-trust-etf-exchange-traded-fund-confirm-btc-price-2021-4-1030274395">Grayscale Investments</a>, <a href="https://markets.businessinsider.com/currencies/news/fidelity-investments-first-us-bitcoin-etf-btc-exchange-traded-fund-2021-3-1030244647">Fidelity</a>, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-btc-van-eck-cboe-files-for-approval-sec-2021-3-1030141735?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">VanEck</a>, Anthony Scaramucci's <a href="https://markets.businessinsider.com/currencies/news/scaramucci-bitcoin-skybridge-capital-launch-etf-sec-filing-2021-3-1030235138?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">SkyBridge Capital</a>, <a href="https://www.businessinsider.com/bitcoin-etf-exchange-traded-fund-wisdomtree-us-sec-cryptocurrency-approval-2021-3?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">WisdomTree Investments</a>, <a href="https://markets.businessinsider.com/currencies/news/nydig-files-for-us-based-bitcoin-etf--with-morgan-stanley-on-board-9818187?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">NYDIG</a>, and <a href="https://markets.businessinsider.com/news/stocks/the-race-is-on-yet-again-for-crypto-etfs-as-valkyrie-files-registration-9725241?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Valkyrie Digital Assets</a>.But it's unclear when the SEC might approve any applications, or whether it could happen at all.SEC Commissioner Hester Peirce, popularly known as the "crypto mom," has cited a period of leadership transition that's causing delays. But she is optimistic that SEC Chairman nominee Gary Gensler will <a href="https://markets.businessinsider.com/currencies/news/bitcoin-regulation-government-ban-sec-crypto-mom-hester-peirce-foolish-2021-4-1030286214">mark a turning point for crypto regulation</a> in the US this year.

Billionaire Mike Novogratz's Galaxy Digital is the 9th firm to apply for a bitcoin ETF

<a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.</a><a href="http://newsletter.businessinsider.com/join/4np/insider-investing?nr_email_referer=1&amp;utm_sou%5Bu%5B" target="_blank" rel="noopener">Sign up for Insider Investing</a> for your weekly <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> analysis.1. US tech stock futures slide as 10-year yield surges past 1.7%. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-tech-futures-bond-yields-federal-reserve-inflation-2021-3-1030222977">See what markets are doing today</a>.2. Michael Burry said he'll stop tweeting after SEC regulators paid him a visit. His incendiary tweets have <a href="https://markets.businessinsider.com/currencies/news/big-short-investor-michael-burry-stop-tweets-sec-regulators-visit-2021-3-1030222890">piqued the interest of federal regulators</a>.3. Cash App is allowing users to send and receive bitcoin without any transaction fees. The payments company announced a <a href="https://markets.businessinsider.com/currencies/news/jack-dorsey-cash-app-allowing-users-send-receive-bitcoin-free-2021-3-1030222795">$1 million bitcoin giveaway</a> to users based in the US.4. Morgan Stanley is to offer wealthy clients bitcoin fund access. <a href="https://www.businessinsider.com/bitcoin-morgan-stanley-to-offer-wealthy-clients-btc-fund-access-2021-3">Two funds will be run by Galaxy Digital</a>, the crypto firm founded by Mike Novogratz, while one will be jointly managed by FS Investments and NYDIG.5. There's no good reason to own bitcoin unless you see prices going up, Bank of America says. BofA data found <a href="https://markets.businessinsider.com/news/stocks/bitcoin-price-today-inflation-hedge-portfolio-bank-of-america-price-2021-3-1030220549">bitcoin's inflation hedging benefits</a> are "not particularly apparent."6. <a href="https://markets.businessinsider.com/earnings-calendar#date=03/18/2021&amp;name=&amp;countries=&amp;eventtypes=103,99&amp;tab=L103,99&amp;tab=L">Earnings expected</a>. Nike, Accenture, and FedEx are highlights.7. <a href="https://markets.businessinsider.com/economic-calendar">On the data docket</a>. US jobless claims and the EIA natural gas storage change are due.8. NFTs like NBA Top Shot are fueling a trading boom in million-dollar sports cards. The CEO of a fractional sports-investing platform breaks down why <a href="https://www.businessinsider.com/collectable-ceo-breaks-down-risks-and-benefits-digital-collectibles-nfts-2021-3?r=opening-bell" target="_blank" rel="noopener">digital collectibles are the 'perfect intersection of passion and profits</a>.'9. Bank of America foresees the vaccine rollout and stimulus checks lifting spending on home improvement and office furnishing. The firm recommends <a href="https://www.businessinsider.com/stock-picks-to-buy-economic-reopening-stimulus-checks-demand-bofa-2021-3?r=opening-bell" target="_blank" rel="noopener">9 stocks to buy as the economic recovery continues</a>.10. A multi-asset fund manager who's beaten 97% of his peers over the last 3 years shares his 4 top investment ideas right now. Michael Cuggino also shares <a href="https://www.businessinsider.com/stocks-to-buy-for-the-economic-recovery-commodities-bank-cuggino-2021-3?r=opening-bell" target="_blank" rel="noopener">the 3 stocks best-positioned for the economic recovery</a>.

10 things you need to know before the opening bell

<ul class="summary-list"><li><keyword id="233060" type="PERSON" weightage="60" keywordseo="Anthony-Scaramucci">Anthony Scaramucci</keyword>'s <keyword id="117409" type="COMPANY" weightage="60" keywordseo="SkyBridge-Capital">SkyBridge Capital</keyword> is the latest firm bidding for a <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF">bitcoin ETF</keyword>, a filing showed.</li><li>The new fund aims for the digital coin to make up 100% of its net assets.</li><li>SkyBridge's <keyword id="6357062" type="DEFINITION" weightage="60" keywordseo="ETF">ETF</keyword> will seek to list its shares on the New York Stock Exchange Arca.</li></ul>Anthony <keyword id="4132168" type="PERSON" weightage="60" keywordseo="scaramucci">Scaramucci</keyword>'s SkyBridge Capital has teamed up with investment firm First Trust Advisors to apply for regulatory approval for a <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> exchange-traded fund.According to the March 19 <a href="https://www.sec.gov/Archives/edgar/data/1852143/000144554621001542/skybridge_s1.htm">filing</a>, the objective of the First Trust SkyBridge Bitcoin ETF is to buy and sell bitcoin in a manner that the total value of the cryptocurrency is as close to 100% of the net assets "as is reasonably practicable to achieve." The ETF will seek to list its shares on the New York Stock Exchange Arca, which specializes in exchange-traded listings.A ticker symbol has not yet been assigned to the fund.Scaramucci's SkyBridge launched a <a href="https://markets.businessinsider.com/currencies/news/anthony-scaramucci-skybridge-capital-bitcoin-fund-launch-institutional-cryptocurrency-btc-2020-12-1029915328">bitcoin fund in December</a>, saying that he expected an "avalanche" of institutional investors to buy crypto in 2021. It only allows accredited investors to subscribe to it for a minimum investment of $50,000.Scaramucci launched SkyBridge in 2005 and returned as co-managing partner after Chinese conglomerate HNA dropped its bid to buy the firm. His stint as White House communications director lasted just 10 days under former President Donald Trump.A <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-exchange-traded-fund-wisdomtree-us-sec-cryptocurrency-approval-2021-3-1030179702">growing number</a> of issuers within the industry are vying for US approval. WisdomTree Investments, NYDIG, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-btc-van-eck-cboe-files-for-approval-sec-2021-3-1030141735?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">VanEck</a>, and Valkyrie Digital Assets are the four other applicants waiting to launch their crypto ETFs.Crypto-tracking exchange-traded products already exist in <a href="https://www.bloomberg.com/professional/blog/europes-crypto-etps-show-theyre-for-real-with-1-billion-euros/">Europe</a> and strong demand in the region led to them exceeding 1 billion euros in assets in 2020, according to Bloomberg. <a href="https://news.bitcoin.com/3-bitcoin-etfs-approved-north-america/">Canada has already approved</a> three bitcoin ETFs that trade on the Toronto Stock Exchange. Latin America just approved the first of its own crypto ETFs and the listing is expected to take place in June.US regulators meanwhile have repeatedly pushed against the idea, arguing the crypto market is too volatile, lacks sufficient surveillance, and is easily manipulated.

Hedge fund manager Anthony Scaramucci's SkyBridge Capital is the latest to file for a bitcoin ETF

<ul class="summary-list"><li>Grayscale confirmed its intent to convert its flagship bitcoin trust into an ETF.</li><li>In a blog post Grayscale said it always intended for the trust to become an ETF when permissible. </li><li>The announcement should relieve recent selling pressure <keyword id="4580258" type="PERSON" weightage="60" keywordseo="gbtc">GBTC</keyword> shares, Fundstrat said.</li></ul>Grayscale Investments said in a <a href="https://grayscaleinvest.medium.com/grayscales-intentions-for-a-bitcoin-etf-b11e4faf4c05">blog post</a> Monday it's "100% committed" to converting its flagship <keyword id="10357565" type="UNKNOWN" weightage="60" keywordseo="grayscale-bitcoin-trust">Grayscale Bitcoin Trust</keyword> into an exchange traded fund. The world's largest digital asset manager confirmed its intent to re-apply with the US SEC to offer an ETF after previous failed attempts to win approval. "First and foremost we wish to make clear: we are 100% committed to converting GBTC into an ETF," Grayscale said.<a href="https://markets.businessinsider.com/currencies/news/grayscale-bitcoin-trust-largest-public-holder-competition-increasing-osprey-2021-3-1030221296">The Grayscale Bitcoin Trust</a> was launched in 2013 and has been the go-to option for investors who want to add <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> exposure to their portfolio without directly buying the digital asset. In the blog post, the investment company said that it always intended for its fund to become an exchange-traded fund when permissible. Grayscale first submitted an application for a <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF">bitcoin ETF</keyword> in 2016 but ultimately withdrew iy because it determined the regulatory environment wouldn't allow for a bitcoin ETF.Now, <a href="https://markets.businessinsider.com/currencies/news/fidelity-investments-first-us-bitcoin-etf-btc-exchange-traded-fund-2021-3-1030244647">several firms including Fidelity, NYDIG, and VanEck have applied</a> for bitcoin ETFs in the US in the hopes that 2021 will finally be the year the SEC approves one. "While several firms have submitted Bitcoin ETF applications in the form of an S-1 or 19b-4 to the SEC, we are confident in our current positioning and engagement with the SEC," Grayscale said. "Today, we remain committed to converting GBTC into an ETF although the timing will be driven by the regulatory environment." Grayscale also said that the management fee of the GBTC fund will be "reduced accordingly" when the trust is converted to an ETF.According to <a href="https://fsinsight.com/">Fundstrat</a>'s lead digital asset strategist David Grider, the plan to convert the fund should relieve recent selling pressure on GBTC shares and will re-energize demand from bitcoin investors who are willing to contribute to the GBTC trust again."We think this is a very positive move for Grayscale to maintain its position as a leader as the largest listed Bitcoin product and this announcement should help close the negative premium gap," Grider said in an email.

Grayscale confirms it will convert its popular bitcoin trust into a ETF

<ul class="summary-list"><li><keyword id="4259867" type="PERSON" weightage="60" keywordseo="grayscale-investments" source="Orion">Grayscale Investments</keyword> is hiring an <keyword id="6357062" type="DEFINITION" weightage="60" keywordseo="ETF" source="Orion">ETF</keyword> team, in a sign it expects the US to approve <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange-traded funds.</li><li>The digital asset manager doesn't currently have an active filing with the SEC for a crypto-related ETF.</li><li>Canada has already approved three cryptocurrency ETFs that trade on the Toronto stock exchange.</li></ul>Grayscale Investments, the largest digital currency asset manager, has posted <a href="https://www.linkedin.com/company/grayscale-investments/jobs/">nine ETF-related job ads on LinkedIn</a>, in a sign it expects the Securities and Exchange Commission to approve the first US crypto ETF. Crypto ETFs have been hotly debated in the US ever since the Winklevoss twins' filing of their <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> ETF with the SEC was <a href="https://www.ft.com/content/7938cc88-911e-11e8-b639-7680cedcc421">rejected in 2017</a>. The SEC has so far been arguing that the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto market</a> is too volatile, lacks sufficient surveillance, and is easily manipulated. The US regulator is now <a href="https://cointelegraph.com/news/wisdomtree-bitcoin-etf-filing-joins-hopefuls-vying-for-approval">considering ETF applications</a> from WisdomTree, NYDIG, VanEck, and Valkyrie Digital Assets. Grayscale has filed to launch an ETF in the past, but it does not currently have an active filing with the SEC for a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">bitcoin</a>, or crypto-related ETF. However, it could push its $35 billion <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> Trust, the largest of its kind, into an ETF. "We're not able to provide further detail aside from the fact that we are continuously exploring new opportunities, such as an ETF, in response to customer demand," Michael Sonnenshein, Grayscale's CEO and managing director, <a href="https://www.bloomberg.com/news/articles/2021-03-11/firm-behind-biggest-bitcoin-trust-is-hiring-an-entire-etf-team">told Bloomberg</a>. "We were the first to provide exposure to a digital asset through a regulated wrapper, and our goal is to ensure that we lead the market in whatever future product we bring forward as well." Grayscale's new roles require between three and five years experience in financial positions involving exchange-traded funds. The job postings as seen on <keyword id="28120" type="General" weightage="60" keywordseo="Linkedin" source="Orion">LinkedIn</keyword> currently include an ETF market-maker relationship manager, an ETF <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance" source="Orion">finance</keyword> reporting manager, ETF finance support manager, ETF creation and redemption specialist, ETF authorized participant relationship manager, ETF product development specialist, a compliance officer, and two sales director positions. Regulated ETFs aren't too far away, as Canada approved <a href="https://news.bitcoin.com/3-bitcoin-etfs-approved-north-america/">three publicly-traded bitcoin ETFs</a> within the last month that trade on the Toronto Stock Exchange. Ark Invest's Cathie Wood <a href="https://www.cnbc.com/2021/02/17/cathie-wood-says-her-confidence-is-growing-in-tesla-ark-invest-has-been-adding-to-position.html">told CNBC</a> in February she expects the US to greenlight a <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF" source="Orion">bitcoin ETF</keyword>, as she's confident in President Joe Biden's pick for SEC chairman, Gary Gensler, who is seen as a positive for <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>. The Senate banking committee on Thursday <a href="https://www.wsj.com/articles/gary-gensler-biden-s-pick-to-head-sec-approved-by-senate-committee-11615404521">voted in favour of sending Gensler</a>'s nomination to the floor for confirmation.

The world's biggest crypto fund manager is hiring 9 ETF-related specialists, in anticipation of approval of the first US crypto ETF

<ul class="summary-list"><li><keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> is close to offering <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> and other <keyword id="135689" type="PERSON" weightage="60" keywordseo="digital-assets">digital assets</keyword> to its rich clients, CNBC reported.</li><li>This could happen as soon as the second-quarter of 2021, the bank's global head of digital assets said.</li><li>A contingent of clients is looking for ways to participate in the digital assets space, she said.</li></ul><a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> could begin to offer <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and other digital-asset related investments to its private wealth-management clients, <a href="https://www.cnbc.com/2021/03/31/bitcoin-goldman-is-close-to-offering-bitcoin-to-its-richest-clients.html">CNBC reported</a> on Wednesday.The bank could offer these investment vehicles as soon as the second-quarter, CNBC reported, citing Goldman's recently named global head of digital assets, Mary Rich.″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term," Rich told CNBC in an interview this week.The bank is exploring a range of investments in digital assets, right from physically-backed bitcoin, derivatives, or traditional investment vehicles, she said.Bitcoin's digital gold narrative remains at the forefront of the minds of growing numbers of people from traditional <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> drawn towards the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword>. That has helped big US banks look at digital assets with less skepticism.Goldman's private wealth management business mostly caters to clients that hold at least $25 million in investment capacity. Rich said a group of clients is looking at bitcoin as an inflationary hedge and the macro environment of the past 12 months has played a factor there. "There are also a large contingent of clients who feel like we're sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space," she said.Earlier this month, Morgan Stanley announced it would offer <a href="https://markets.businessinsider.com/currencies/news/bitcoin-morgan-stanley-to-offer-wealthy-clients-btc-fund-access-2021-3-1030221077?utm_source=markets&amp;utm_medium=ingestgest">wealthy clients access to three bitcoin funds</a>. Two are run by Galaxy Digital, headed by Mike Novogratz, while one will be jointly managed by asset manager FS Investments and NYDIG.Goldman could offer similar bitcoin funds, as well as other ways to invest that are "more akin to the underlying asset class, which trades 24-7 globally," Rich said. She said some bitcoin funds, like Galaxy's, can only be traded once a quarter."We're still in the very nascent stages of this ecosystem. No one knows exactly how it will evolve, or what shape it will be," Rich said. "But I think it's fairly safe to expect it will be part of our future."Bitcoin was last trading 1.1% lower at $58,057 on Wednesday, but it is up 96% year-to-date and about 800% since this time last year.

Goldman Sachs is close to offering bitcoin and other digital assets to its rich private wealth-management clients, report says

<ul><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> hit the $1 trillion market capitalization threshold for the second time early Tuesday, climbing to a two-week high. </li><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> was trading above the $54,000 mark Wednesday morning.</li><li><keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">Ether</keyword> is also seeing a rally as the community prepares for an<a href="https://cointelegraph.com/news/ethereum-rolls-out-berlin-upgrade-with-4-eips"> upgrade</a> in April.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> hit a $1 trillion market capitalization for the second time early Tuesday as the price of the world's most popular cryptocurrency rallied to a two-week high. The cryptocurrency climbed above the $54,000-level early Tuesday as institutional support for bitcoin continues to climb steadily, shrugging off concerns about its volatility. "The exuberance that propelled stocks upwards in the past decade appears to be favoring cryptocurrency," said Paolo Ardoino, CTO of Bitfinex. "The interesting thing is that bitcoin was invented against a backdrop of massive stimulus measures that fueled asset prices."On Monday, Norway's Aker ASA, a $6 billion industrial holding company that controls construction and oil services companies, said that it <a href="https://markets.businessinsider.com/currencies/news/bitcoin-aker-asa-new-unit-kjell-inge-rokke-cryptocurrency-2021-3-1030160176">set up a unit dedicated to investing in bitcoin</a> and blockchain technology. The unit, called Seetee AS, is initially capitalized with around $58.6 million."Bit­coin may still go to zero. But it can also become the core of a new monetary ­architecture," Aker ASA chairman Kjell Inge Rokke said in a shareholder letter. Rokke, Norway's second-richest person, also said that bit­coin could one day "be worth mil­lions of dollars."NYDIG, a provider of bitcoin technology solutions, also announced on Monday that it <a href="https://www.prnewswire.com/news-releases/nydig-raises-200-million-from-strategic-partners-301242128.html">raised $200 million</a> from investors such Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, and Soros Fund Management. The capital will be used for bitcoin-related initiatives that span from clean energy to philanthropy.Bitcoin first hit the $1 trillion market capitalization milestone on<a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-value-1-trillion-for-the-first-time-cryptocurrency-2021-2-1030102808?utm_source=markets&amp;utm_medium=ingestgest"> February 19</a>. On that day, it traded at <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-record-high-btc-cryptocurrency-market-cap-1-trillion-2021-2-1030101053?utm_source=markets&amp;utm_medium=ingestgest">$53,038</a>.In February, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-analysis-february-recap-record-setting-cryptocurrency-2021-2-1030131679">major firms</a> from Tesla to Mastercard announced investments or new support for the cryptocurrency. Apart from bitcoin, ether also is seeing a rally as the community prepares for an <a href="https://markets.businessinsider.com/currencies/news/ether-price-ethereum-upgrade-explosive-growth-destroys-coins-eip-1559-2021-3-1030160187">upgrade</a> that will change how transactions work and start to destroy coins.Chinese app maker Meitu on Sunday announced purchases of ether and bitcoin, <a href="https://www.cnbc.com/2021/03/08/crypto-chinese-app-meitu-buys-millions-worth-of-bitcoin-and-ethereum.html">CNBC reported</a>, helping boost the prices of both <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>."Bitcoin reclaimed the$50,000-level after the US passed the stimulus bill, and on the back of MicroStrategy and Meitu purchasing bitcoin," said Annabelle Huang, Head GlobalX Center at Amber Group. "However, concerns from the macro world around rates and [US Dollar Index] have sent equities across the board down, threatening crypto once again."

Bitcoin reclaims $1 trillion market cap as support for the cryptocurrency builds among major players

<ul class="summary-list"><li><keyword id="10473418" type="UNKNOWN" weightage="60" keywordseo="cathie-wood">Cathie Wood</keyword> said <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> could become part of a standard investment portfolio with a 20% allocation.</li><li>She said institutional interest was picking up and that bitcoin will become a "better accepted new asset class."</li><li>Wood also told CNBC that she remains confident about <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> despite its recent plunge.</li></ul><keyword id="4513420" type="PERSON" weightage="60" keywordseo="ark-invest">Ark Invest</keyword>'s Cathie Wood has said bitcoin could become a central part of investors' portfolios as it becomes a "better accepted new asset class", leading to a 60-20-20 split between stocks, bonds, and the cryptocurrency.Wood also <a href="https://www.cnbc.com/2021/03/08/cathie-wood-sees-bitcoin-joining-stocks-and-bonds-as-part-of-the-classic-investor-allocation-model.html">told CNBC's "Closing Bell"</a> that her confidence in <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla (TSLA)</a> has risen despite the automaker's 30% plunge from recent highs, saying it had held on to market share despite competition.The Ark boss predicted bitcoin would stabilize and become a more widely accepted asset. "We are seeing institutional movement into the space, and we're seeing the diversification of balance sheets from cash into bitcoin."<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 7% on Tuesday morning to $53,900, with analysts citing another wave of institutional investment as the driver.<a href="https://www.businessinsider.com/bitcoin-cryptocurrency-institutional-interest-btc-price-goldman-sachs-digital-asset-2021-3">Goldman Sachs said</a> a survey of 300 clients found that 40% had exposure to crypto, while bitcoin-services provider NYDIG announced on Monday that it had <a href="https://www.prnewswire.com/news-releases/nydig-raises-200-million-from-strategic-partners-301242128.html">raised $200 million</a> from Wall Street names including Morgan Stanley.Wood told CNBC that she thought bitcoin would start to behave "more like the fixed-income <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, believe it or not."She said the historic fall in bond yields seen in recent years makes the idea of a portfolio with 60% stocks and 40% bonds "problematic.""We've been through a 40 year bull market in bonds. We would not be surprised to see [bitcoin] become a part of those percentages." She suggested investors could start to put 20% in bonds and 20% in bitcoin.Wood <a href="https://www.businessinsider.com/cathie-wood-profile-ark-invest-etf-rise-success-following-tesla-2021-2?r=ark-teaser">shot to prominence in 2020</a> after making hugely successful bets on fast-growing companies such as Tesla.Yet the more expensive parts of the market have been <a href="https://www.businessinsider.com/bond-yields-rising-stock-market-falling-explainer-blackrock-2021-3">rocked in recent days by rising bond yields</a>, triggering a more than 30% drop in Tesla and 26% fall in <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040">Ark's Innovation ETF</a> over the last month.Despite this, Wood said Ark's confidence in Tesla "has gone up", in part because it appears not to have lost its share of the electric vehicle market despite competition. She said Ark is about to publish a new price target, hopefully "within a week or two."Wood also said she was confident that Tesla would be able to bring about autonomous driving "much faster than most analysts and investors expect," after <a href="https://twitter.com/elonmusk/status/1368017749851598850?s=20">Elon Musk tweeted</a> that the company was doubling the size of its self-driving beta program.

Cathie Wood sees bitcoin becoming a portfolio mainstay as institutional interest picks up - and remains 'confident' on Tesla

<ul><li>After a two month bearish trend, <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has shown a quick recovery in August and experts are confident that a bull run could soon be imminent.</li><li>Bitcoin broke the $42,000 resistance level at the beginning of August, breaching its 200-day moving average.</li><li>Now, experts believe that breaching the $50,000 is essential for Bitcoin.</li><li>Higher adoption among institutional investors has instilled confidence and with lawmakers open for discussion, leading the market sentiment to be extremely positive.</li><li>The effect of China’s bans has been numbed and with a successful miner migration, the path looks clear for the cryptocurrency in the long run.</li></ul>The cryptocurrency world is synonymous with volatility, and the year has proven to be among the most turbulent ones for Bitcoin. The leading cryptocurrency was worth more than $60,000 in mid-April but faced intense resistance and radically corrected to less than $30,000 in just two months. Now, the momentum is on the rise thanks to a bull run that has pumped <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin</a> from by 35% in just a month, valuing it at $47,000 — and headed towards the $50,000 threshold. According to experts, whether or not Bitcoin is able to break past that barrier, will depend on the ‘whales’ of the market. A whale refers to individuals or entities that hold large amounts of Bitcoin, and these 1,000 individuals are <a href="https://www.businessinsider.in/investment/news/bitcoin-limited-supply-has-driven-up-its-value-nearly-90-percent-has-be/articleshow/85349471.cms">said to control</a> 40% of all coins in circulation. Considering their massive holding, each movement creates ripple waves that can push or pull the momentum. <div type="ExtQuote" text="Historically, longer consolidation opens a path for greater expansion as we see Bitcoin price extend towards 50K, which is also a psychological price level for Bitcoin to break" auname="Hitesh Malviya, the founder of ItsBlockchain.com told Business Insider"></div> Bitcoin broke the $42,000 resistance level at the beginning of August, breaching its 200-day moving average. In May, China's ban on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> activities played a critical role in sending Bitcoin prices off the cliff. But miners were able to <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-bitcoin-miners-are-looking-at-us-kazakhstan-canada-and-europe-amid-the-exodus/articleshow/83806714.cms">migrate out of China by July</a>, and Bitcoin's <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-is-likely-to-get-harder-as-chinese-miners-make-their-comeback/articleshow/84821309.cms">hash rate recovered</a>. The rally also continued because of macroeconomic factors such as the buoyant stock market, high-yield credit, and low default rates. <div type="ExtQuote" text="Bitcoin’s recovery run in the last three weeks is a reiteration of the confidence that investors hold in the asset after a 55% dip from its peak in May 2021. We believe that Bitcoin went through a consolidation phase and is now ready to continue its run towards its prior all-time high" auname="Vikram Subburaj, co-founder and CEO of Giottus crypto exchange told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Bitcoin whales are in action" comment="subhead" text="Bitcoin whales are in action">Bitcoin whales are in action</cmsannotation> According to <a href="https://www.blockchain.com/btc/tx/20a356341792ee50131d46a2c8580e08071327d12338219f49f362597b525b5a">Blockchain.com</a>, Bitcoin whales have been moving around a lot of coins. In just a single transaction, a whale moved 15,000 BTC — currently worth over $700,000,000. During the bull run, the balance on exchanges fell in late 2020 and early 2021, then immediately bounced back during the price correction of May and June. It has stayed flat since, indicating big institutions stopped buying Bitcoin in bulk and moving it off exchanges. Removing coins from exchanges means storing them in cold wallets, where they're safer. "Bitcoin’s fixed supply and declining annual growth are important financial properties that should make it a hedge against inflation." NYDIG, a digital currency firm specialising in Bitcoin, said in a <a href="https://nydig.com/research-and-insights/the-impact-of-bitcoins-reward-halvings/">report</a>. "For most of bitcoin’s history, it was an asset predominantly owned by retail investors. It has only been in the past 12-18 months that institutional investors have taken to the asset. Given the $100 trillion managed by the world's largest asset managers, there is a significant secular bull case for price appreciation in this scarce asset. " <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Rising institutional adoption of Bitcoin." comment="subhead" text="Rising institutional adoption of Bitcoin.">Rising institutional adoption of Bitcoin.</cmsannotation> </h2> Some of BItcoins’ most significant <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoins-largest-corporate-investor-wants-to-buy-more-despite-taking-a-loss/articleshow/84886881.cms">institutional holders</a> are; Microstrategy, a business analytics platform; Tesla, the infamous EV maker; Galaxy Digital Holdings, a digital currency focused merchant bank; and Voyager Digital, another firm specialising in digital assets. While their holding or investment is directly tied to Bitcoin and other cryptocurrencies, institutional banks have also been <a href="https://www.businessinsider.in/cryptocurrency/news/standard-chartered-citi-and-ubs-are-among-the-100-biggest-banks-in-the-world-investing-in-crypto-and-blockchain-with-custodial-services-leading-the-charge/articleshow/85324397.cms">rapidly pouring money</a> into digital assets as well as blockchain-based technology firms. Bitcoin's correction was an opportunity for all of them, and <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> funds globally have ramped up their projects. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Other factors that affected Bitcoin’s price over the last one month" comment="subhead" text="Other factors that affected Bitcoin’s price over the last one month">Other factors that affected Bitcoin’s price over the last one month</cmsannotation></h2> While Elon Musk took <a href="https://www.bbc.com/news/business-57924354">another u-turn</a> and gave an optimistic outlook on Bitcoin — him and two of his companies Tesla as well as SpaceX have Bitcoin holdings — Twitter’s Jack Dorsey and Ark Invest’s Cathie Wood also confirmed their long-term investment. The world’s oldest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> also surged on <a href="https://www.businessinsider.in/cryptocurrency/news/amazon-may-soon-allow-users-to-pay-in-cryptocurrencies-like-bitcoin/articleshow/84724732.cms">rumours of Amazon</a> accepting it as payment, a claim later refuted by the company. Even after the cryptocurrency industry failed to win a change to <a href="https://markets.businessinsider.com/news/currencies/crypto-amendment-infrastrucutre-bill-tax-regulation-cryptocurrency-reporting-irs-2021-8">crypto tax reporting </a>rules in a U.S. infrastructure bill, the upward momentum showed no signs of stopping. <cmsannotation type="cmsannotation" annotationid="The longer large investor hold, the closer Bitcoin gets to $50,000" comment="subhead" text="The longer large investor hold, the closer Bitcoin gets to $50,000">The longer large investor hold, the closer Bitcoin gets to $50,000</cmsannotation> With countries — most prominently <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">El Salvador</a> — slowly adopting measures to recognise cryptocurrencies and regulate them, long term investors are confident that Bitcoin's doomsday theories are gradually evaporating permanently. A few <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">governments like China</a> may not play along. Still, much of the world is now opening up to the concept of decentralised currencies and how they can be a successful hedge against inflation in runaway economies. Hitesh Malviya, the founder of ItsBlockchain.com, cited that <a href="https://www.businessinsider.in/cryptocurrency/news/standard-chartered-citi-and-ubs-are-among-the-100-biggest-banks-in-the-world-investing-in-crypto-and-blockchain-with-custodial-services-leading-the-charge/articleshow/85324397.cms">55% of the world’s top 100 banks</a> have some kind of exposure to Bitcoin and Blockchain. Major banks like JP Morgan advocate Bitcoin these days and offer related investment products to their wealthier clients. At the same time, banks have turned to custodial services as a viable way of embracing cryptocurrencies and expanding their offering. South Korea is<a href="https://www.businessinsider.in/cryptocurrency/news/south-korea-is-open-to-cryptocurrencies-and-making-an-effort-to-regulate-them/articleshow/83986459.cms"> a leading example</a>, and among the first to have crypto regulations, a model expected to help shape many other national laws. Lastly, retail investors have once burned their hands with meme-based cryptocurrencies such as Dogecoin, which offer <a href="https://www.businessinsider.in/tech/news/dogecoins-co-creator-explains-how-the-parody-currency-turned-into-a-billion-dollar-movement/articleshow/82092296.cms?fbclid=IwAR19e36_82P_VtjkTzwUVdQKeTkSzjn1XaNGoruzRhJH2RZKBm3ZExVmxuI">little except hype</a>. Experts are <a href="https://www.goldmansachs.com/insights/pages/crypto-a-new-asset-class-f/report.pdf">confident</a> that rampant pump-and-dump schemes shall reduce as the market matures. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">One third of Indians hold cryptocurrencies and youngsters are leading the charge, according to a new report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms#slideid=85302611">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a>

Bitcoin has surged more than 35% in the last month and the race to $50,000 is being fueled by institutional interest

<ul><li>More than half of the 100 largest banks in the world are investing in vital crypto and blockchain-based companies or projects.</li><li><keyword id="6356454" type="UNKNOWN" weightage="20" keywordseo="Standard-Chartered">Standard Chartered</keyword> has invested $380 million so far, followed by BNY Mellon at $321 million, and Citi at $279 million.</li><li>Banks are actively trying to get a foothold in cryptocurrency projects that intend to upgrade the conventional banking system by close-knit integration.</li><li>The demand for custodian services for digital assets is consistently rising, and the banks are most suited to take advantage.</li></ul>Governments may not have made up their minds about cryptocurrencies, central banks may still be uncertain but private banking majors are doubling down on <keyword id="6357624" type="UNKNOWN" weightage="20" keywordseo="blockchain-technology">blockchain technology</keyword>. If we talk about cryptocurrencies and blockchain, Bitcoin is probably the first thing that comes to mind. It has skyrocketed in value over the last few years, and new <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a> are entering the space almost every day. And, while Bitcoin is the largest by market value — can be used to buy something in a country like <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">El Salvador</a> and investors treat it like an asset — the underlying blockchain technology is what is powering the financial revolution in the conventional banking sector. According to a <a href="https://app.blockdata.tech/blog/general/banks-investing-blockchain-companies">report</a> by Blockdata, more than half of the 100 largest banks by assets under management (AUM) are investing in vital crypto and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">blockchain</a>-based companies or projects. These investments are complicated — some of them are done directly, some via subsidiaries, and some even via partnerships. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Number of investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total size of funding </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Standard Chartered </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$380 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNY Mellon </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$321 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$279 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$266 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNP Paribas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$236 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$234 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JPMorgan Chase </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$206 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$204 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MUFG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$185 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ING </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$170 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BBVA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$167 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$146 million </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Blockdata Research (July 2021) Standard Chartered has invested $380 million so far, followed by BNY Mellon at $321 million, and Citi at $279 million. The list further includes a-list names such as BNP Paribas, <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>, Goldman Sachs, and Nomura. Banks are actively trying to get a foothold in cryptocurrency projects that intend to upgrade the conventional banking system by close-knit integration. Standard Chartered has invested in Ripple, a blockchain-enabled payment settlement provider known for its quick and affordable transfers. Bank of America and American Express are <a href="https://finance.yahoo.com/news/bank-america-exec-lifts-lid-140019347.html">already</a> some of its largest customers, and the list will undoubtedly expand. This year, America's oldest bank, BNY Mellon, started offering custodian services and has strategic investments in Fireblocks, a digital assets infrastructure provider. Fireblocks offers financial institutions an inclusive platform that can enable a digital assets business, providing a foundation to store, transfer and issue them. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Banks are now betting high on custodial services" comment="subhead" text="Banks are now betting high on custodial services">Banks are now betting high on custodial services</cmsannotation></h2> The demand for custodial services for digital assets is consistently rising, and the banks are most suited to take advantage. Banking institutions have offered custodial services for a long time and it includes — gold or cash deposits, DEMAT accounts, and management of other securities. Similarly, a secure wallet is required to store crypto assets, and these can be safely handed over by the user for safekeeping. Crypto exchanges still aren't regulated and are based out of obscure or even non-existent offices. Amid the uncertainty, investors and regulators are eyeing a more trustable institution that's already knee-deep in the game. South Korea is <a href="https://www.businessinsider.in/cryptocurrency/news/south-korea-is-open-to-cryptocurrencies-and-making-an-effort-to-regulate-them/articleshow/83986459.cms">among the first</a> countries to release regulations for crypto-assets and their trade. In a bid to crackdown on money laundering and illegal transactions, banks have been tasked with ensuring real-name accounts and extending custodial services in partnership with crypto exchanges. Eyeing a similar opportunity in the future, banks globally have doubled down on their investment and are actively seeking new projects that can further help adopt blockchain technology. Simply put, more people would own bitcoin if they could do so through their existing banks, according to a <a href="https://nydig.com/research-and-insights/nydig-bitcoin-banking-survey/">survey</a> commissioned by NYDIG. According to a <a href="https://www.tcs.com/crypto-currency-digital-assets-custody">report</a> by Indian IT giant TCS, "The broad acceptance of these assets across institutional and retail investors can lead to crypto custody services gaining ground as a mandatory offering from banks, in their attempt to retain customers and increase the share of wallet." HQLAx, a Luxembourg based startup, leads the collateral management space and has received funding from BNY Mellon, Citi, BNP Paribas, JP Morgan, Goldman Sachs, ING, and more. They are expected to connect to the HQLAx platform to improve liquidity management and execution of live collateral swaps. Big banks were initially highly sceptical about crypto-based assets, and many weren't shy to show their disapproval. However, that has now changed as they realize the ice shall continue to melt, with or without them. They can either find a haven by accepting blockchain as an integral part of their operations or slowly go extinct like the dinosaurs. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/messis-move-to-psg-includes-getting-partly-paid-in-the-clubs-fan-cryptocurrency/articleshow/85272256.cms">Messi’s move to PSG includes getting partly paid in the club’s cryptocurrency — the value of which has tripled since last week</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a> <a href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-axie-infinity-hits-1-billion-in-trade/articleshow/85180646.cms">NFT game Axie Infinity clocks highest-ever $1 billion in trade with its crypto-based virtual economy</a>

Standard Chartered, Citi and UBS are among the 100 biggest banks in the world investing in crypto and blockchain with custodial services leading the charge

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Standard Chartered, Citi and UBS are among the 100 biggest banks in the world investing in crypto and blockchain with custodial services leading the charge

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