Wall Street has made some profound changes recently with the announcement that some larger traditional firms are seeking to engage with newer crypto exchanges. Including names like Charles Schwab, Nomura, and Standard Chartered, new efforts include the funding and building of new platforms to take advantage of a part of the market Wall Street often overlooks.
While the rest of the world has long since moved past the restrictions implied by the trading of fiat currencies, Wall Street is finally stepping up. The question is, can Wall Street?catch a new form of the market or has it totally?passed them by?
A Slow Engagement
Wall Street is often willing to try the hot new thing, but many of its ideas are built on a bedrock of traditionalism. Though slight changes to new methods and approaches might be within its wheelhouse, the effect of cryptocurrencies has been overwhelmingly transformative. This eventually reaches a boiling point, however, with crypto creating so many new millionaires in its short lifespan.
According to statistics collected at OriginStamp, the crypto market has created at least 32,500 millionaires. In addition, Forbes has stated that 19 people have become billionaires through their fortunes in the crypto industry. All of this, despite Bitcoin software only becoming available in January of 2009. No matter the reticence of older Wall Street, this kind of wealth creation potential can’t be ignored.
New Trading Involvement
In the current state of the market, most users are turning to crypto exchanges, whose numbers and capabilities have consequently boomed. OKX?was founded in 2017 and the service already boasts more than 20 million traders?and over 350 accepted cryptocurrencies. With advanced trading features and robust security measures, the professionalism and abilities of businesses like OKX essentially?challenge the best of what is offered by fiat traders. The success of these services, alongside the general wealth-making potential of crypto, has led Wall Street traders to pay crypto the respect it deserves.
The addition of traditional traders will start the newcomers off on the back foot, but it could also produce advantages appreciable to traders of all levels. Though fiat and crypto aren’t directly relatable, there’s enough overlap that some knowledge and expertise will open doors as a two-way street.
The evolution of existing systems could also arrive through the input of new applications in AI, which we’ve touched on at PaySpaceMagazine before. Advanced AI in trading is still in its infancy everywhere, where progress in both realms fiat and crypto could provide advantages on all sides of the spectrum. From trading efficiency to security, a teamed approach to AI integration could open doors we don’t yet know exist.
Though it will likely take some time before Wall Street manages to fully make its strides into the world of crypto, its effect will likely be profound. As much as many have invested in changing the crypto game before, none have the experience, expertise, or funding of Wall Street, marking exciting potential in the years to come. For the health of the overall market and greater ease of trading, many traders are hoping changes will arrive sooner rather than later.
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