Crypto Currency News

Traditional financial companies enter the crypto market

GoldenTree invested in cryptocurrencies to "diversify" its business strategy.

Bitcoin (BTC) closed the month of July above USD 41K after a monthly gain of 20%. One of the many reasons that led the reference cryptocurrency to a new monthly jump – in fact, the main one – was the new institutional investments in recent weeks, accompanied by more crypto services by traditional banks. GoldenTree Asset Management1 was the last to announce its arrival on the market.

The American financial company, which has more than 45 billion dollars in assets under management, was encouraged to venture into the crypto market and thus join the dozens of firms that have incorporated digital assets into their business strategies. As it emerged in the last hours, the objective of the firm with its new investment is to “diversify “its portfolio.

See also  ADA jumps and returns to the top 5 crypto assets by Market cap

The Street newspaper announced that GoldenTree leaned towards BTC, although it did not disclose the amount of the investment. In addition, the publication remarks that the financial company confirmed a special team to work on the firm’s crypto strategies.

GoldenTree’s entry into the market was celebrated by the community, which continues to see the arrival of major traditional firms. The incursion of this type of finance company translates directly into the confidence of new investors, and they turn out to be adoption triggers.

Earlier this year, finance company BlackRock also dared to venture into digital assets. In April – when BTC reached its all-time high – the firm had already posted profits of more than $ 360,000.

See also  Those responsible for the latest bitcoin price drop
Back to top button