Traditional Finance Institutions Migrating Into Crypto Space

The past few months have been migration from top financial/digital institutions and firms into the cryptocurrency space. The cryptocurrency industry is a diverse space, with almost all human daily activities, needs, uses, and applications embedded. This high-influx migration has been recorded globally in different economic and digital industries.

The Ever Growing Adoption and Interest In Cryptocurrency

Interest and adoption of cryptocurrencies have soared in different countries as they are beginning to see the potential in crypto. One of these countries is Ukraine, which implemented the use of crypto to gather military donations after being attacked by Russia. 

Before the attack, crypto was suspended in Ukraine late last year; the lawmakers banned all transactions or dealing with crypto. However, during the attack, the President changed the bill to allow crypto donations, which helped purchase military equipment. 

A few months ago, the United States Commodity Future Trading Commission alleged that virtual currencies would constitute America’s portfolios. “The crypto regulating commission stated that virtual currencies will dominate in the country with the high acceptance rate. A recent survey in the U.S. revealed that one out five adults has affiliations with cryptocurrency”.  

2022 can be regarded as one of the best years for cryptocurrencies with the high adoption rate, despite the subsequent markets crash and losses. Introducing cryptocurrency into the digital/financial space is a good move. However, there are fears of the risk of bankruptcy caused by the volatile nature of virtual currencies. 

Traditional Finance Experts Migrating Into Crypto

During the past few months in 2022, top companies, institutions, and firms in the traditional finance industry have entered crypto. A few weeks ago, a popular banking firm, Santander, announced new crypto services on its platform to Brazilian citizens. Many banking and financial institutions have followed suit.

Recently two finance experts, Babbar Katia and William McGhee, announced their entry into virtual currencies. The announcement shocked crypto users as the duo are top talents in the traditional finance industry. Williams has been a qualitative researcher at Citadel Europe and department head for machine analytics learning. 

Babbar was a former MD of e-Forex trading at a prominent bank (Lloyds Bank) in London. She has been the leading figure in the Lloyds banking group quantitative and data scientist for over five years.

The duo, Babbar and Williams, launched a system for crypto users to manage risk and decentralized Finance called Immersive. When a crypto platform interviewed the duo, they stated that the new revolution is a cryptocurrency, and everyone needed to move in this direction. 

Recently, the United States Security Exchange Commission regarded the migrations as shocking. The commission stated that it would develop a regulatory framework to protect customers. Other notable figures joining the crypto space include; Andrei Serjantov (BNP Paribas executive), Moelis company (an investment bank), Santander bank, and others.

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