Institutional Adoption Is Coming To Bitcoin And Crypto

The mainstream adoption of digital assets and their underlying technology the blockchain has been the main goal of the crypto space.

There have been a lot of moves made in this direction, and great things continue to happen.

The institutional wave of investors is coming into the crypto space

The digital asset management firm Galaxy Digital says it’s preparing for an incoming wave of institutional interest in the digital asset sector.

It’s been revealed that in its Q3 report released the past Friday, Galaxy Digital founder and CEO Michael Novogratz said that the New York-based firm is gearing up for what it projects will be another busy year.

“We’ve taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments,” he said.

A yearly increase of 75%

According to the report, Galaxy Digital’s trading branch had its best quarter to date, and it’s currently hosting $1.4 billion in trading volume in the three-month period, representing a year-over-year increase of 75%.

According to the online publication the Daily Hodl, since September 30th, “Galaxy Digital’s asset management branch has $407.4 million worth of assets under management (AUM), $82.4 million of which is invested in the firm’s passive Bitcoin funds such as the Galaxy Bitcoin Fund, LP, the Galaxy Institutional Bitcoin Fund, LP and index fund products such as the Galaxy Benchmark Crypto Index Fund LP.”

The firm’s net income over the course of the Q3 is about $44.6 million when partially offset by operating expenses.

Also, we recommend that you check out the complete report. 

Anyway, the crypto market today looks pretty bloody with a lot of altcoins trading in the red. But, BTC is trading in the green, and the king coin is priced at
$16,214.19.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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