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In a recent report published by Bloomberg, recognized Wall Street companies like Goldman Sachs, Morgan Stanley or Barclays, are still far from the launch of cryptographic products.
During the course of 2018, several analysts believed that these institutions would have released cryptographic products on the market as early as the first part of 2019. However, these products may take longer to be placed on the market.
According to Daniel Gallancey, CEO of SolidX, the market has "unrealistic expectations" about these institutions entering cryptographic space.
On the question, he commented:
"The market had unrealistic expectations that Goldman or any of his peers could suddenly start up Bitcoin trading, which was the best way to think about the market."
SolidX is one of the companies presenting a proposal for a fund traded on the Bitcoin exchange (ETF). In 2018 many Bitcoin ETFs were rejected or delayed by the Securities and Trade Commission in the United States. In February, the SEC could approve (or not) the first cryptographic ETF.
Second Bloomberg, Goldman Sachs has only 20 customers for its bitcoin forward non-deliverable (NDF) product. At the same time, there have been some reports indicating that the company has worked with BitGo to build a new cryptographic solution. Despite the clamor surrounding these companies, there are no bitcoin trading activities conducted by Goldman Sachs.
In addition, Morgan Stanley also tried to build their own cryptographic solutions. Some of these included swaps that monitored Bitcoin futures for months. At the moment, he has not even negotiated a contract.
As reported by The Block, there are some sources and insiders who cite a lack of institutional interest. At the same time, there is no regulatory clarity in the market for institutions and companies that start investing in virtual currencies like retail investors have done in recent years.
A company that has been able to continue with its plans for the launch of Bitcoin futures is the Intercontinental exchange. The Bakkt platform will allow investors to have access to futures contracts regulated with Bitcoin. This platform should be launched in January 2019. However, it could be delayed for the first weeks of February.
It will be important for the demand to grow and for a regulatory framework to be created around virtual currencies and blockchain technology. With the infrastructure already under construction and planned, traditional institutions and investors will have easy access to the encrypted market.
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