Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Yueqi Yang unpacks big banks’ crypto ambitions:
Wall Street and crypto haven’t had the closest of relationships. Bitcoin came about as a direct reaction to the power and excesses of the banking system that led to the 2008 global financial crisis. Big banks long saw crypto as a fringe world prone to wild swings, ripoffs, hype and hacks.
That’s all changing as crypto matures from its early days, evolving into an almost $2 trillion market with platforms sustaining a host of new tokens as well as gaming, NFTs and — significantly — finance. In response, big banks and finance firms are warming up to crypto.
