Surprisingly, financial giants, JP Morgan Chase and Goldman Sachs are buying into crypto.
Major Financial powerhouses, Goldman Sachs, JP Morgan Chaseand others like ICAP (formerly intercapital), one of the biggest broker houses for corporations in the world and UBS Group AG, the biggest swiss multinational banking institution have all bought a piece of a consumer-centric exchange-traded product (ETP) which offers exposure to Polkadot’s token crypto DOT.
Major Updates
- Banks like JP Morgan Chase and Goldman Sachs and other financial powerhouses are buying one of DOT's products.
- The consumer-centric exchange-traded product (ETP) opened on the the SIX Swiss Exchange on the 4th of February.
- It was set at the price of $22-23 but since then has increased up to $40.
This information is according to a Bloomberg report that was reviewed by Coindesk. The ETP opened on the SIX Swiss Exchange on the 4th of February. It was set at the price of $22-23 but since then, it has increased to close to $40. It bought small amounts of these shares under 21Shares, a swiss investment provider and the shares have the ticker ADOT:SW.
This recent purchase goes to show that interest in cryptocurrencies is moving beyond the foremost cryptocurrency bitcoin and the second most popular cryptocurrency ethereum.
We are seeing such traditional financial corporations getting interested in a relatively new crypto kid on the block, Polkadot which is currently the fifth largest crypto market cap.
Founded by one of Ethereum's co founders, Gavin wood, the cryptocurrency is characterized by interesting properties and a unique structure. But these shares doesn't mean that they are directly buying DOT, rather they are investing in a security that follows its performance.
They don't need all of the extra activities involved in investing in crypto such as managing a wallet, etc. But the ETP deals with the ordinary conditions of conventional investing, like an International Securities Identification Number.
Goldman Sachs, represented on the Bloomberg screen by the ticker symbol “GS,” purchased three lots of shares on behalf of a client, according to the data.
UBS has purchased 2,770 shares, JPMorgan under the ticker “JPMS” purchased 500 shares, ICAP purchased 1,000 shares, Bank of America’s Merrill Lynch under the ticker “MLCO” purchased 2,200 shares.
This could be the start of a new phase for Bitcoin.
