Cryptocurrency analyst and investor Joseph Young has recently taken it upon himself to reveal the many involvements of top cryptocurrency institutional investors. Reminding traders of the persistence and belief that these investors have in cryptocurrency, with over $200 million in investment, it was revealed that December saw an upsurge in investment funds.
“Bakkt raised $182 million from Microsoft’s venture capital arm, Naspers, and other big investment companies. Large financial institutions are betting big on institutional products supporting Bitcoin. Nasdaq and Fidelity invested $27.5 million in ErisX this month.” –Joseph Young.
Upon seeing the post, CEO of Binance Changpeng Zhao aligned with Young’s tweets, saying“they are not stupid”, a statement intended to reassure the cryptocurrency trading community to look beyond the present state of the cryptocurrency market and see the long-term value in digital assets.
The rise of institutional investors in the cryptocurrency community has led to different reactions from cryptocurrency users and traders alike. This is due to the fact that traditional institutions had not shown in-depth interest in cryptocurrency due to its volatility, until this year when tons of investors trooped in.
With the likes of Nasdaq and Fidelity teaming up with Wall Street’s ErisX to gather up as much as $27 million, the Chicago based exchange ErisX continues with its plans of creating security through regulation for both its institutional and non-institutional investors.
The exchange also received funds from Asian Cryptocurrency mining giant Bitmain and blockchain software company ConsenSYs. Referring to the involvement of these leading organization in its project, ErisX’s CEO Thomas Chippas had this to say ;
“Closing this second round of funding enables us to continue building our modern platform and expand our team.”
Meanwhile, the competition continues to get intense as ErisK’s perceived rival Bakkt is reportedly trying to meet up with regulatory standards, in order to unveil its much anticipated Bitcoin Future’s contract. As Bakkt seeks validation from the Commodity Futures Trading Commission, the firm prepares to incept its one day physically deliver Bitcoin futures contract and warehouse.