Global banking institutions are showing an increased interest in Bitcoin (BTC) as the cryptocurrency is constantly reaching its highest level, according to a new report.
Tom Robinson, co-founder of UK cryptocurrency giant Elliptic, told The Telegraph on Wednesday that his company has seen an increase in Bitcoin-related orders from global banks.
The CEO has noticed an increase in demand for bitcoin from US banking institutions over the past two months. Robinson said many financial institutions in the United States are “seriously considering launching some type of cryptocurrency service.” According to management, British banks were the most limited in terms of demand growth.
Elliptic, founded in 2013, provides cryptocurrency intelligence services to renowned clients such as government agencies and cryptocurrency exchanges. The company cooperates with government agencies, including the US Federal Bureau of Investigation.
Megan Prendergast Millard, CEO of Risk and Compliance at Guidepost Solutions, believes that the upward trend in bitcoin among traditional financial institutions is normal with growing adoption. Prendergast Millard is said to have said it makes sense for banks to start opening up to digital currencies as well as cryptocurrency exchanges to keep millennials and Gen Z on board.
“Financial institutions want to keep their customers and they need to think about who these people are,” said Prendergast Millard.
The new report comes shortly after New York Mellon, the oldest bank in the US, announced plans to hold and trade bitcoin and other cryptocurrencies as an asset manager on behalf of its clients. Roman Rigelman, executive vice president and head of digital technology at BNY Mellon, believes it will take another three to five years to integrate digital assets into traditional banking infrastructure.