Terra-UST started the fall of the crypto market which forced the crypto market on the radar of regulators all over the world and at the same time put the market into a critical situation and it is still not over it. For the past couple of months, the cryptocurrency market has been moving in the downward direction, Bitcoin dropped to the $17k level and entire altcoins dropped more or less than 80%. But despite the regulators all over the world and the constantly dropping market some of the major players in the traditional industries have announced their entry into the crypto space, which I guess is a very good thing from the cash flow perspective. In this article, we will look into some of those companies that are going to dive into the crypto space. 

BlackRock

If you have not heard about BlackRock then consider it one of the top companies in the world. The company was founded in 1988, and currently, it is one of the top investment management companies in the world having around $10 Trillion in assets under management as of January 2022.

Now you have gained an understanding of big BlackRock is, let's move to their latest announcement related to the cryptocurrency world. BlackRock has announced a partnership with the leading crypto service provider Coinbase and offers the Aladdin software services to their institutional users to manage the portfolio and analyze the risks involved. Currently, the service is available for only Bitcoin (BTC) but they have announced that their users are interested in exploring other cryptocurrencies. Joseph Chalom, the head of Strategic Ecosystem Partnerships at BlackRock has said regarding the interest of their clients: 

Our institutional clients are increasingly interested in gaining exposure to digital asset markets

Along with the Coinbase partnership, BlackRock has also announced the launch of a spot Bitcoin private trust. Currently, this trust is only available to US clients. With these two announcements, BlackRock has clearly shown its entry into the crypto space. 

Official Announcement: BlackRock bitcoin private trust – Institutional | BlackRock

Coinbase Partnership: Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via Coinbase Prime | by Coinbase | Aug, 2022 | The Coinbase Blog

JP Morgan

JP Morgan, another giant in the world of traditional investment banking and probably one of the very first institutions that criticized Bitcoin and the crypto space has now entered the world of crypto. Recently, JP Morgan announced that the digital currency funds will be available to their clients that including four funds from Grayscale Investments and one from the Osprey funds.

With this announcement, it is clear that JP Morgan has finally entered into the crypto space, not directly but through third-party services like Grayscale Investments and Osprey. But sure it is a great start by the company which was earlier criticizing the entire crypto space. Dimon, the CEO of JP Morgan, the one who constantly criticized the crypto space has now been taking a different stand,, recently he commented about the Blockchain and Decentralised Finance, "real, new technologies."

As JP Morgan opened the doors for cryptocurrency-related services to their giant clients, this certainly will bring a huge load of cash into the industry.

CNBC Report: Bitcoin: JPMorgan, led by Jamie Dimon, quietly unveils access to a half dozen crypto funds (cnbc.com)

Fidelity 

Another one of the world's top asset managers with a total of over $10 Trillion assets under management has recently announced a very big step into the crypto space. Although, the company is already associated with the crypto space since 2018 the recent announcement was a very big deal. The company has announced to offer investments in Bitcoin to the individual 401(k) pension plans. If you have not heard about the 401(k) then it is a kinda retirement account sponsored by the employer in the US. It is one of the largest funds in the world and that is why allowing individuals to invest in Bitcoin for their retirements is a great deal for the individuals as well as for the entire crypto industry.

Official Announcement: fidelityworkplace

Conclusion

Even though the crypto market is looking shaky at this moment but the involvement of these companies shows that the traditional companies are adopting and accepting the crypto space and this is how crypto is getting integrated into traditional financial services to get huge exposure over the people. With these companies getting involved in the crypto space we can say that the strong projects in the crypto space are going to sustain here for a long time while weaker ones getting kicked out of the race, so choose your coins wisely. 

Hope you like this article, if yes then definetely follow me!

Thanks For Your Time!