Banks Trading Crypto?
Amber Baldet is the former head of J.P. Morgan’s blockchain arm. She recently sat down in an interview with CNBC to talk about crypto and banks. So the big question is when are banks going to get involved in crypto? According to Amber she says sooner than you think!
This could be huge news because where there are banks we find money. Where there is money there a bigger market cap which causes prices to rise! She did go on the record to state “But even where the will is, the legal and regulatory framework is challenging.”
As we all know, the market is not regulated and extremely volatile. Many thing most big players will not get involved until some of that is fixed but only time will tell.
Even though last year BitCoin had a 1,300 percent rise last year most banks have decided to stay away. Goldman Sachs is planning to make the first BitCoin trading operation at a Wall Street Bank.
The one thing that is prohibiting most banks from getting involved right now is security. They are not sure that they can safely store their digital assets.
A bank that goes by the name of Nomura and coinbase have solutions that they have announced last week as well. Will the banks bite? We don’t know but it is looking promising.
Baldet left J.P. Morgan in April to start her new company Clovyr. They are focusing on apps like the App Store but specifically for blockchain technology. Her reasoning, she said “There’s no way to discover what’s out there right now, there’s no Google for finding applications,” Baldet said. “The ability to discover apps is helpful but the ability to build them is also encompassed in there.”
So just who is exactly and why is this Baldet important? Well for starters she is on the top 40 list of most influential young people in business. She also was one of the main reasons J.P. Morgan established its Quorom project.
We plan to watch her and her new project Clovyr. Let’s see what see can do.