Wall Street Firms To Take On Binance, Coinbase, Other Crypto-Native Exchanges
source link: https://slashdot.org/story/23/05/31/2032242/wall-street-firms-to-take-on-binance-coinbase-other-crypto-native-exchanges
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Wall Street Firms To Take On Binance, Coinbase, Other Crypto-Native Exchanges
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Gautam Chhugani, Senior Analyst of Global Digital Assets at Bernstein, told FT: "The large, pedigreed, traditional institutional investors definitely prefer dealing with counterparties who they know have been in existence for years and have been regulated in the traditional sense." In a survey of 250 asset managers published by EY-Parthenon earlier this month, half of the respondents said they would consider switching from a crypto-native group to a traditional-backed company if they offered the same services. Additionally, 90% of respondents trusted traditional financial groups to act as custodians for their crypto assets.
The collapse of crypto firms last year and the disclosures on alleged malpractices eroded the trust of crypto investors. Traditional financial firms are banking on their finance industry expertise, long-standing reputations, and lack of regulatory scrutiny to attract clients. The new wave of legacy-backed crypto platforms will compete with Coinbase and Binance, which also host institutional clients. But traditional finance firms will compete by building more transparent operations -- particularly in separating exchanges from asset custody to avoid conflict of interest and reduce risk. The report notes that BNY Mellon and Fidelity already operate separate crypto custody divisions. Meanwhile, the Nasdaq is waiting for regulators to greenlight its service.
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