Ripple helps MoneyGram records 100% growth on digital transactions  |

Ripple helps MoneyGram records 100% growth on digital transactions  |

Business
June 11, 2020 by baris
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It seems the stake in crypto-assets by institutional investors, is rising by the day, as reports from Bloomberg News, in a survey, done by America’s leading money manager, Fidelity Investments shows a third of large institutional investors owning crypto assets such as Bitcoin. In Europe and America, 36% of about 774 respondents said they own crypto assets or its derivatives. In the U.S, 27% of financial institutions like
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It seems the stake in crypto-assets by institutional investors, is rising by the day, as reports from Bloomberg News, in a survey, done by America’s leading money manager, Fidelity Investments shows a third of large institutional investors owning crypto assets such as Bitcoin.

In Europe and America, 36% of about 774 respondents said they own crypto assets or its derivatives.

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In the U.S, 27% of financial institutions like family offices, investment advisers, pension funds, and hedge funds said they own crypto assets, up from 22% this year.

READ ALSO: Satoshi Nakamoto highly unlikely to spend his 1.1 million BTC

About 25% of the respondent held Bitcoin, while 11% hold Ethereum.

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Why institutional investors are now so keen on cryptocurrencies? In a study carried out by Nairametrics using various crypto exchanges data feeds, results show many Pension Funds, Hedge Funds and Family Offices around the world, are increasingly going into crypto assets because of its low correlation to other financial assets, and low-cost transactional charges in executing large trades.

Meanwhile, Bitcoin has increased in value by 36% since the beginning of 2020, and while other traditional financial assets plunged during the Covid-19 pandemic.

READ MORE: Investment One records highest month on month growth on RSA Fund II

“Europe is perhaps more supportive and accommodating,” Tom Jessop, president of Fidelity Digital Assets, said in an interview. “(It could) be just things going on in Europe right now, you got negative interest rates in many countries. Bitcoin may look more attractive because there are other assets that aren’t paying return.” 

These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class,” Jessop said.

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READ MORE: FG concludes plan to borrow N2 trillion from Pension Fund  


Patricia

Fidelity declined to comment on the number of customer assets or holdings by institutional groups. 

 



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