Wall Street and global financial institutions are accelerating their entry into the digital asset market, therefore the boundaries between traditional finance (TradFi) and decentralized finance (DeFi) are gradually blurring.
Bitwise CEO Hunter Horsley believes that the era of "long bitcoin, short the banks" is over, and financial institutions are pivoting to the other side of the crypto industry, driving the adoption of digital assets.
Hunter Horsley added that this summer, two financial giants, managing assets worth over $1 trillion, approved the launch of crypto products despite the bear market.
This year, everyone put on a crypto t-shirt. Now everyone is working for the crypto industry, — Horsley explained the steps of the mentioned institutions and their belief in the success of the innovative industry.
Sygnum's Chief Investment Officer Fabian Dori also believes that the relationship between banks and the crypto industry has undergone structural changes:
Banks have transitioned from resisting digital assets to creating, supporting, and distributing them through custody, tokenization, and regulatory-compliant trading.
Anchorage Digital CEO Nathan McCauley shared information that over the past two years, the company's client base increasingly reflects the convergence of traditional and crypto finance. Large financial institutions typically prefer to partner with specialized companies focused on crypto infrastructure rather than building their own technology systems.
In recent years, more and more financial institutions have entered the crypto market, including: Swissquote, DBS Bank, BBVA, BNY Mellon, entities affiliated with Credit Suisse, as well as Morgan Stanley and Charles Schwab.
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