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The Wall Street giants send the crypt industry down amid falling prices

The Wall Street giants are postponing their plans to enter the cryptic industry more actively as the value of cryptocurrencies has declined, reports Bloomberg on Sunday, December 23rd.

The article begins: "Limbo – here's where to find Wall Street when it comes to cryptocurrencies", and then focus on the efforts made this year in the cryptographic sphere by banking giant Goldman Sachs, the financial services multinational Morgan Stanley, major banking conglomerate Citigroup Inc. and UK financial services provider Barclays PLC.

According to people familiar with Goldman Sachs' encrypted business, the company's progress has been too slow to be perceived. In addition, the company's non-derivative encrypted funds have so far attracted only 20 customers, anonymous sources reported to Bloomberg

In addition, Justin Schmidt, hired at the head of Goldman Sachs' digital asset division, revealed in November that regulators were limiting his plans. However, Bloomberg's nameless interlocutor adds that the company will add a digital goods specialist to its prime brokerage division.

As for Morgan Stanley, the company is ready to launch swaps following the Bitcoin futures from the start of the autumn, but has not yet received a single contract, sources told Bloomberg. Nevertheless, the company is ready to launch cryptographic services as soon as there is a request signal, an anonymous source noted.

Citigroup and Barclays have had similar problems: sources claim that the US-based banking group has not yet sold any of its crypto-related products within the regulatory framework, and two Barclays employees hired to explore the industry for the firm left this year. A spokesman noted that the British company does not intend to open an encryption desk.

As Cointelegraph reported in October, former Goldman Sachs associate and current CEO of the Galaxy Digital investment company Mike Novogratz predicted that institutions will likely be involved in multiple cryptographers in Q1-Q2 2019. Shortly thereafter, Novogratz and Goldman Sachs has invested approximately $ 15 million in the BitGo US encryption service.

Meanwhile, the banking giant has denied rumors that he has abandoned his plans to launch an encryption desk.

In November, Morgan Stanley published his latest report on Bitcoin, entitled "Update: Bitcoin, Cryptocurrencies and Blockchain", stating that Bitcoin (BTC) and altcoins have formed a "new class of institutional investment" since 2017.

And Bakkt, the digital asset platform created by the New York Stock Exchange, announced an objective launch date for January 24, 2018, pending regulatory approval.

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