Financial Institutions Changing Minds on Cryptocurrency, Says Thomson Reuters Survey

Blockchain, FinTech, Investing, News | April 25, 2018 By:

They’ve knocked it. Mocked it. Called it a scam, a tool for criminal activity, a bubble, the next tulip market frenzy. But a Thomson Reuters survey claims that one in five financial institutions are quietly considering cryptocurrency trading this year, with many planning to get on board in the next few months.

The survey obtained the opinions of more than 400 Thomson Reuters trading solutions clients, including users of the Eikon, REDI, and FX platforms. The astonishing turnaround in attitudes showed that 20% of the participants are considering trading cryptocurrencies over the next 3-12 months, with 70% of positive respondents planning to trade in cryptocurrencies in the coming 3-6 months.

Neill Penney, co-head of trading for Thomson Reuters, said the sentiments were a major change from a year ago. “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.”

The evidence is out there. Goldman Sachs recently named its first head of digital assets, while Nasdaq has indicated it is open to trading. Other big financial firms have been ramping up their investigations of blockchain and cryptocurrency, some even as the heads of the company publicly dismissed the future of digital currency.