Wall Street invests in crypto: JP Morgan takes stake in Blockdaemon
Wall Street invests in crypto: JP Morgan takes stake in BlockdaemonWall Street invests in crypto: JP Morgan takes stake in BlockdaemonJPMorgan übernimmt Anteile an Blockdaemon, als die Wall Street-Banken in die Blockchain-Technologie investieren wollenJPMorgan übernimmt Anteile an Blockdaemon, als die Wall Street-Banken in die Blockchain-Technologie investieren wollen

JP Morgan has recently acquired shares in Blockdaemon. It is the world’s largest blockchain infrastructure company for node management and staking. Its customers include crypto exchange Kraken, for example, as well as Wall Street banks such as Goldman Sachs and SoftBank.

According to Blockdaemon, JP Morgan (a Wall Street bank) as well as Tiger Global (a venture capital giant) are joining forces to take a stake in the blockchain firm. This is another move by JP Morgan to gain a foothold in the booming crypto industry.

Umar Farooq, CEO of Onyx – the blockchain unit of JP Morgan – said that the investment in Blockdaemon is a step towards blockchain technology like that behind Bitcoin

A strategic investment in Blockdaemon is a logical next step in our multi-faceted approach to investing in blockchain technology. We are excited to participate in the funding round to further expand and scale the business.

Wall Street firms compete for crypto experts

The news that JP Morgan is acquiring a stake in Blockdaemon comes at a time when the US bank is leading other Wall Street firms in the hiring frenzy of blockchain experts. The bank has also doubled its investment in distributed ledger technology this year.

However, the size of the stake JP Morgan has acquired has not yet been disclosed.

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In the past year, digital currency prices have soared to new heights. Now, institutional investors as well as banks are becoming more interested in investing in the asset class.

Morgan Stanley, Goldman and JP Morgan are among the US banks rushing to invest in blockchain technology. In doing so, the are considering offering direct trading of cryptocurrencies to their clients. If they do, this investment will help forge a great digital asset team.

Blockdaemon is looking to expand its global presence

Blockdaemon – which is used by banks and most crypto exchanges to manage blockchain infrastructure on behalf of business clients – averages nearly $10 billion per month in equity assets purchased.

Just two months ago, the value of the company’s deployed assets was about $1.3 billion. Blockdaemon has received nearly $100 million from investors to date and now plans to expand its global footprint in Japan, Singapore, Germany and the United Kingdom next year.

Blockdaemon announced plans this month to shift its NFTs (non-fungible tokens) after acquiring a stake in Anyblock Analytics (a German startup).

Konstantin Richter, the founder and CEO of Blockdaemon, said that the company’s healthy blockchain infrastructure “makes it easier for Wall Street banks and other institutional investors to tap into the crypto universe.”

Richter added that the blockchain company – headquartered in Ireland and California – is happy to have JPMorgan and Tiger Global as strategic investors. They will help Blockdaemon “drive the blockchain economy around the world.”