Sanford C. Bernstein & Co went to work. Their analysts have written a report called Crypto Trading - the Next Big Is Here? They show that many crypto exchanges have a hard time during the bear-market but also show that the presentation of cryptocurrency during the bear-market have attracted the attention of several Wall Street offices.
The report talks a lot about Coinbase the world’s largest crypto currency exchange platform. Coinbase currently holds 50% of all crypto transactions that can grow into an untouchable position if Wall Street does not enter quickly. But the analysts have serious doubts, they do not think that Wall Street will join soon because there are still concerns about regulations and the amounts of money laundering.
However, we cannot say that no actions are made at all. For example, banks such as JPMorgan and Goldman Sachs have already taken their first steps towards the crypto world. David Solomon CEO of Goldman Sachs and successor of Lloyd Blankfein stated that they are closing Bitcoin futures for their customers. There also is a lot of talk about further developments in the market going on.
The investment platform Robinhood and the payment system Square of Twitter CEO Jack Dorsey have been offering crypto services since early 2018 with an interesting strategy. Both companies have seth ther mind on a low turnover strategy in order to attract more investors. Vlad Tenev CEO of Robinhood says that they are not planning to make much profit in the coming years but rather to build a good ecosystem. One thing is certain Wall Street will have to make a decision before too many companies like this make their move into the crypto world.