The George Soros Foundation will trade bitcoin as part of its strategy to exploit the crypto asset space.
Founded by billionaire George Soros, investment company Soros Fund Management (SFM) will be able to trade the first cryptocurrency. Fund investor Don Fitzpatrick recently approved trading in Bitcoin and potentially other cryptocurrencies.
Before that, the SFM team had been studying digital assets for some time, and this solution is more than just research work with no further plans, coinspot writes. Soros Fund Management is also negotiating to acquire a stake in blockchain lending projects.
Earlier, the Soros Foundation took part in the $ 200 million investment round of the NYDIG company, which helps large institutions to invest in bitcoin.
Digital asset manager NYDIG has partnered with technology giant NCR to provide enterprise payments solutions. The deal will open access to cryptocurrencies for 650 US banks, Forbes reports.
According to the publication, approximately 24 million users will be able to make transactions with digital assets through banking applications.
Meanwhile, JPMorgan announced a drop in institutional interest in bitcoin. After the May correction, the interest of institutional investors in the first cryptocurrency dried up and even turned negative.
Institutional inflows to Bitcoin are currently significantly below those seen in Q4 2020, and overall, the market is in a bearish phase. One of the indicators of exit from it is the growth of the market share of bitcoin above 50%.
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