Amber Baldet, the former head of J.P Morgan’s blockchain department believes that major banks will start trading cryptocurrencies soon.
In an interview with CNBC in recent days, Baldet said that believes big banks will start trading in cryptocurrencies in the very near future. It even suggested that this development would be even closer to what most people expect. The fact that such an assertion had previously worked on Wall Street and came from someone with knowledge of this area makes this claim even stronger.
“I think it’s coming sooner than people probably think. But even where the will is, the legal and regulatory framework is challenging.”
But custody is still a huge challenge, Baldet said. Right now, financial institutions have few ways of safeguarding a firm’s digital assets, although some solutions were announced this week. Baldet was at the beginning of JP Morgan’s Blockchain section before she left her job in April. Another development on Wall Street was the announcement of Goldman Sachs plans for Bitcoin trade services. If this project is alive, Goldman Sachs will be the first bank to bring cryptocurrency to Wall Street.
Baldet’s comments do not come as much of a surprise considering LMAX Exchange has also recently opened a cryptocurrency exchange targeted towards institutional investors. During the Consensus conference in New York, Baldet who was listed under Fortune’s 40 Under 40 list, unveiled her new startup, Clovyr, which claims to offer something similar to the app store, but for projects built on the blockchain. She said:
“There’s no way to discover what’s out there right now, there’s no Google for finding applications. The ability to discover apps is helpful but the ability to build them is also encompassed in there.”
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