As you probably know by now, institutional investors are one of the most important ingredients in the adoption of Bitcoin and crypto, and obviously in the rise of Bitcoin’s price.
2020’s Bitcoin rally is very different from the one that took place back in 2017 because now; there are a lot of big players involves such as institutions and banks.
PayPal boosts crypto
Let’s take PayPal, for example.
As you probably know by now, PayPal is supporting crypto for a while, and this gave Bitcoin’s price and the whole crypto market a massive boost.
PayPal made crypto available for US customers. Back in October, PayPal announced via a press release that they are launching a new service that’s enabling users to buy, hold and sell crypto.
PayPal’s CEO David Schulman said that the adoption of Bitcoin and cryptos would definitely help increase their utility.
Standard Chartered to launch an institutional-grade crypto custody platform
It’s been revealed that the financial services giant Standard Chartered to launch an institutional-grade crypto custody platform.
The bank will be working with Chicago-based Northern Trust to launch Zodia Custody, a crypto custodian solution that will allow institutional investments into Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH).
It’s been also revealed that Zodia is seeking to meet the growing institutional demands for exposure to crypto-assets.
Alex Manson of Standard Chartered (SC) recently stated that the partnership would ensure that SC and Northern Trust are ready to meet that shift in digital banking.
“The launch of Zodia demonstrates our commitment to rewiring the DNA in banking,” he said as cited by the Daily Hodl.
He continued and said: “Drawing on Standard Chartered’s heritage of providing custody services to institutional clients for 160 years, Zodia’s mission is to be a ‘force for good’ by lifting industry standards for digital assets in a sustainable, safe and responsible way.”