by Marvin Dumont
Cryptocurrencies are up 12.5% after gaining $15 billion in market capitalization this past week. After a brutal 2018 that saw Bitcoin’s value drop by nearly 78%, investors are gaining more confidence for a few reasons.
First, users globally are benefiting from practical use-cases of blockchain. Moreover, regulators around the world are signaling that they welcome distributed ledger technology (DLT). Although there’s still resistance in certain jurisdictions towards cryptos since these compete with local fiat.
London-based banking giant HSBC reported this week that it’s achieving 25% savings from foreign exchange (forex) trading using blockchain. The bank processes between 3,500 to 5,000 trades daily worth $350 billion, which means blockchain can significantly affect HSBC’s bottom line.
Secondly, investors are gaining a positive outlook in anticipation of institutional buyers (such as hedge funds, family offices, wealth managers, and endowments) entering the space. Fidelity plans to roll out its custody solutions in March and it’s expected to invite major investments in cryptos and blockchain.
Institutions can’t afford to lose their holdings via hacks, scams, or lost passphrases. That’s where custodianship comes in: Institutional investors like to hire experts to administer their assets so they can focus on fundraising, planning, and investing.
Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies into a single, unregulatable platform. With 2-second block speed, it’s one of the fastest cryptos on Earth.
Learn more about Apollo’s groundbreaking tech: