To show its support for the cryptocurrency market, major firms on wall street are openly supporting one form of cryptocurrency or the other, in a major move that’s worth Billions of Dollars. The move by the major stakeholders is further proving that cryptocurrency is gradually crawling its way into the heart of the biggest financial market in the world.
A Major Move
Circle, a Goldman Sachs backed company is reporting a monstrous $24 billion in demand from investors in 2018. The firm in a recent statement revealed that its over-the-counter (OTC) cryptocurrency business was able to execute more than 10,000 trades in the year with a variety of different assets.
In a recent blog post, the company said:
“Our OTC trading business circle trade, has continued to expand despite a tumultuous year for the industry: we onboard a record number of new institutional clients (more on that below), grew our trading operations to 24/7 with coverage in the US, Europe and Asia and added significant workflow improvements, including the launch of our RFQ Electronic API…
Circle trade has become a core liquidity provider to the crypto ecosystem- including miners, exchanges, projects-and to the new crypto asset investor base of VC’s crypto funds, hedge funds, and family offices all around the world.”
A Whole New Beginning
The news is coming at a time when major stakeholders are scared of investing in the digital currency market due to the present crisis affecting the cryptocurrency community. The fear was heightened in December at the height of the crypto fall, as most firms considered investment in the sector as a major bad investment.
With the decision of Goldman Sachs to openly lend a helping hand to the industry, feelers around the cryptocurrency community are optimistic about the chances of the digital market, especially at a time when the traditional fiat money is not doing so well in major countries in Europe and Asia.
Analysts are of the opinion that the new year will bring about a renewed hope in the cryptocurrency market, especially in Asia where the Islamic Republic of Iran is considering a national cryptocurrency, in a move that is meant to bring financial succour to the nation after its fiat currency became pretty useless due to the economic sanctions imposed on the country by the United States government.
Last year was pretty bad for the industry due to its crisis, but the new year has brought renewed hope to millions of investors in the cryptocurrency community.