Cryptocurrency has been on the lips of every financial expert these days. Some you may have heard urging the trading community to sell their assets and migrate to a more solid market, others urging them to hold their assets and wait for the best. The feelings as you can see are quite mixed for individual traders, as they can’t seem to decide which spectrum of the opinions to listen to.
However, with institutional players, companies big enough to buy the whole Bitcoin stock are preparing to make their grandiose entry in the cryptocurrency world. The latest company to announce this was Gazprombank, the banking division of the popular gas company called Gazprom. The announcement was made this Thursday following other large players like NASDAQ.
Some of the details are already known, most importantly the date is still in discussion, but it is rumored to be launched sometime in the middle of 2019 by the Swiss division of the bank. According to expert opinions at Forex Library, the addition of crypto services will be nothing but a boost to the bank’s performance as many investors in the eastern part of Europe are starting to look favorably towards cryptos, even though the asset seems to be sinking in quicksand at the moment.
A new trend for companies?
The news is not surprising as we’ve seen bigger institutional players take part in cryptocurrencies, places like NASDAQ, the second largest stock exchange in the world. Just the news about this was able to prompt traders to stock up on Bitcoin and other cryptos, but it was still not enough to keep the crypto above $4,000 as it is sitting at $3,400 at the moment of writing this article, but who knows, maybe by the time I’m done writing this it will be $3,500.
The reason for the trend becoming so prevalent is the security updates for the crypto market. New companies have been popping up all over the world offering innovative ways to keep crypto holdings safe and sound. One of them is Metaco, which developed a specific way for large companies like Gazprombank to safely store their cryptos, using their newest product called SILO.
It’s already confirmed that Gazprombank will indeed be using SILO as its primary driver for crypto security. But will it keep the cryptos safe from price fluctuations? Definitely not.