Skip to content

Major banks invest heavily in blockchain and crypto: a $ 364 billion investment

--Advertisements --

Join our community of 10,000 traders on Hacked.com for only $ 39 a month.

Steve Chiavarone, Portfolio Manager at Federated Investors, a US investment firm that oversees $ 364 billion. customer assets, said blockchain technology will drive the fourth industrial revolution, echoing the position of many investors and politicians on a large scale, including the Seoul Mayor Park Won-soon.

"When you think about it from the business point of view, it has the ability to replace reconciliation, which is expensive and requires a back office, time and paperwork, with an audit This means that businesses can have more efficient supply chains and can reduce their return and central office costs, which will allow businesses to move more efficiently and reduce costs and reduce costs. spend the savings.We believe the blockchain will be one of the five key technologies with automation, robotics, AI and the Internet of Things, "Chiavarone said in an interview granted to CNBC

.

The big banks are in encryption

Major banks such as JPMorgan, Goldman Sachs and Bank of America cooperate with conglomerates and large-scale businesses to provide banking services, loans and business solutions. Apart from this, companies also work with third party service providers and spend millions of dollars on a quarterly basis for audits, reconciliation and labor costs to support their channels. supply and their minor operations.

Chiavarone said that many large banks have started to invest heavily in the blockchain and cryptocurrency sector to meet growing demand from banks for cryptocurrencies and blockchain technology. Initially, bitcoin was the only way to access blockchain technology. Recently, Chiavarone said that banks have begun to explore a wide range of networks and blockchain technologies.

See also  330 Million Dollars: EIP-999 Stokes Debate on ETH Frozen by Parity Contract Bug
-- Advertisements --
 goldman sachs "width =" 750 "height =" 644
Goldman Sachs announced that he was going to launch a bitcoin trading operation.

"A lot of investors went into bitcoin first because that was the first way to access blockchain.The big banks are investing a lot in that." Bank of America s & # 39 is touted in Davos to invest the most, "he added.

Blockchain startups such as Bluzelle have already built reliable blockchain networks for large-scale conglomerates such as HSBC, KPMG, Microsoft and MUFG, which have also continued to leverage blockchain networks such as Ethereum and Ripple via multiple networks. blockchain consortiums.

Chiavarone pointed out that if startups and blockchain networks were able to replace back-offices, abundant labor and eliminate the costs associated with the operation of supply chains , blockchain technology could lead to the next industrial revolution

"Any company that operates supply chains can take advantage of blockchain technology and these are some of the technical names that underpin this type of technology. act of Nvidia or Intel, or any other type of processing power allowing blockchain verification or its beneficiaries [are good investments] ", said Chiavarone, noting that the mere investment in companies likely to benefit from the technology blockchain is a wise investment strategy. .

Startups in cryptocurrency

Some of the world's largest investment firms like Federated Investors are exploring conglomerate stocks like Intel and Nvidia that may simply benefit from blockchain technology. The only beneficiaries of blockchain growth, including cryptocurrency, blockchain startups and blockchain networks, are likely to experience an exponential increase in value, as banks like Bank of America continue to invest in the future. 39; space.

See also  BigID marks $ 30 million for Series B after closing A round
-- Advertisements --

Pictures of Shutterstock

Follow us on Telegram.
Advertising

Advertisements