Big Financial Institutions Are Adopting Crypto And Blockchain — What Does The Technology Offer SMBs?

On June 15, BlackRock announced it had filed an SEC application for a bitcoin spot ETF, which was followed shortly by a filing from Fidelity. Both firms’ submissions include the use of crytpo exchanges for market surveillance. Bloomberg estimates that there have been 30 filings to date for bitcoin spot ETFs, and with Blackrock’s win loss record of 575-1 on ETF submissions, the suspense is killing folks more than a Netflix thriller.

EDX Markets, a new crypto exchange which is backed by Fidelity, Digital Assets, Charles Schwab, and Citadel Securities, launched in the U.S. last week after building out its technology for the past nine months. U.S. Federal Reserve Chair Powell remarked last week that cryptocurrencies, like bitcoin, have “staying power,” a timely statement, as bitcoin again demonstrates it is popular with the market as a hedge against uncertainty, and hits the $30,000 mark first achieved in January 2021.