BitGo notes corporate demand for regular bitcoin purchases

October 20, 2021

BitGo notes corporate demand for regular bitcoin purchases

Corporates are interested in opportunities to invest in bitcoin on a regular basis, BitGo EMEA custodian managing director Darren Jordan said during the Token 2049 conference. This was reported by The Block.

According to Jordan, he is approached weekly by several companies seeking to "allocate a small percentage of their balance sheet" to buying the cryptocurrency.

"This is the most significant change we've seen in the last 12 months," he stressed.

Jordan noted that such investments require companies to seriously raise awareness of the asset. They also have to deal with liquidity and regulation, he added.

Genesis Trading CEO Michael Moreau, in the same panel discussion, agreed with Jordan. He said that while the firm has been working with hedge funds since 2015 and since then family offices and other institutionalists have entered the market, it has seen the biggest change in the last year.

"We have seen a huge increase in the number of corporates putting cryptocurrency on their balance sheet. And it's no longer just US technology companies, but also firms from South America and South East Asia diversifying their portfolios in this way," said the head of Genesis Trading.

Recall that SkyBridge Capital founder Anthony Scaramucci believes that corporate interest in the new asset class is exaggerated, with only one in 10 institutional investors entering the crypto market.

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