Despite the scandal surrounding Sam Bankman-Fried and FTX, Wall Street firms are bullish on cryptocurrencies. Many custodian banks and other financial service providers are moving forward with projects in blockchain, expanding tokenization and crypto custody.
For example, Goldman Sachs unveiled a digital assets platform, hoping its clients will use the technology to issue financial securities in the form of digital assets in classes such as real estate. According to an article in Bloomberg Law, Goldman has a team of seven traders dealing solely with cash-settled crypto derivatives.
Likewise, JP Morgan has been developing blockchain-based systems to run traditional financial transactions. Onyx, one of the bank's projects, includes a distributed ledger-based payment network for banks called Liink. Additionally, JP Morgan has JPM Coin, a token used for payments and a platform to tokenize traditional assets. Others, like State Street Corp., are furthering initiatives to offer custody of cryptocurrencies.
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