Thomson Reuters surveyed more than 400 of its trading solutions clients and found that one in five financial institutions plan to start trading cryptocurrencies within the next year. The survey includ
Thomson Reuters surveyed more than 400 of its trading solutions clients and found that one in five financial institutions plan to start trading cryptocurrencies within the next year. The survey included users of the company's Eikon, REDI, and FX platforms. Among those interested, 70 percent said they would begin trading within the coming six months.
Neill Penney, co-head of Trading at Thomson Reuters, said the shift marks a departure from just twelve months earlier. "Cryptocurrency is still a relatively small part of the trading market, but this survey indicates this niche segment is starting to enter the mainstream of the financial services industry. This is a major change from a year ago," Penney said.
Firms moving into crypto immediately need access to reliable news and data to make informed decisions. "As a leading provider of news, data, and trading capabilities Thomson Reuters is well-positioned to deliver solutions that address client demand in the growing cryptocurrency market," Penney said.
The company's Eikon desktop displays prices for Bitcoin and altcoins. Its MarketPsych indices now feature the first sentiment data feed for Bitcoin. Thomson Reuters plans to roll out more cryptocurrency functionality based on what clients request.
The survey revealed something else: widespread familiarity with crypto among trading professionals. This suggests the space has moved far beyond its niche origins.
Kevin Murcko, CEO of CoinMetro, read the results as confirmation of a larger shift. "Historically, the banking sector has been notoriously dismissive of the crypto movement. Cryptocurrency has variously been called a bubble, an asset for criminals, and worthless," Murcko said. "But today's survey demonstrates that while financial institutions are saying one thing, they're doing quite another."
Other major firms show the same interest. Goldman Sachs has hired its first cryptocurrency expert to examine whether the bank should launch a Bitcoin trading desk. Barclays is investigating a similar move. Both decisions signal that major institutions are taking crypto seriously.
Murcko sees this as institutional money entering the market at scale. "We're witnessing a gradual institutionalisation of the market, and this is sure to drive mainstream adoption," he said. "The move to accommodate digital currencies is also a symbolic one; it's a sign of growing maturity in the market, and represents just how far cryptocurrency has come since its days of relative obscurity." Wall Street veterans including George Soros and members of the Rockefeller family have begun exploring cryptocurrency opportunities. Cautious investors may see Bitcoin's recovery from recent weakness as the signal they've been waiting for.
