In spite of the current market downturn, big traditional companies continue to embrace crypto.
Our list of 10 traditional companies who have recently taken (another) step into the crypto economy keeps you apprised of who is doing what to secure their slice.
1. JPMorgan
JPMorgan Chase introduced access to four Grayscale Investments funds and one Osprey Fund in October this year. Despite CEO Jamie Dimon’s earlier criticism of crypto, the roll-out took place quietly, according to CNBC.
As recently as April 2016, Dimon’s harsh stance on crypto appears to have softened, with the CEO describing blockchain technology as a “real, new technology.”
2. Santander
Banco Santander SA, the Brazilian subsidiary of Santander Group, announced in July that it would begin offering crypto-related services to customers “in the coming months.”
Despite competitors’ attempts to position themselves, “We recognize that this is a market that is here to stay, we need to find the most educated and correct way to do this,” Santander Brazil CEO Mario Leo was quoted as saying at the time.
3. Blackrock
The publicly listed crypto exchange Coinbase partnered with major asset manager BlackRock in August to offer institutional clients of the former who own Coinbase digital assets the ability to manage their portfolios and conduct risk analyses on investment decisions using Aladdin, the asset manager’s suite of software tools.
BlackRock’s Global Head of Strategic Ecosystem Partnerships Joseph Chalom said that while bitcoin (BTC) is being focused on for the time being, it is interested in the entire digital asset space. “We are seeing an increase in institutional clients looking to gain exposure to digital asset markets,” he explained.
Blackrock launched its first spot bitcoin private trust in August, as well as its Coinbase deal. A US institutional client can access the product, which tracks the performance of bitcoin.
4. Schwab Asset Management
An exchange-traded fund (ETF) based on Schwab Crypto Thematic was released earlier this month by asset management firm Schwab, according to CNBC.
Asked about the launch, David Botset, Schwab’s head of equity product and strategy, called cryptocurrency “very speculative,” but added that the firm is seeing “certain segments of Schwab investors who are seeking access to this asset class.”
5. Chipotle
A new interactive game called “Buy The Dip” was unveiled in July by Chipotle, the US fast food chain. In addition to USD 200,000 in crypto, players will also receive USD 0.01 guacamole and Queso Blanco promo codes.
In the eyes of crypto users, this was a way to make a traditional company more appealing.
6. Checkout.com
In June, Checkout.com announced that it would offer customers an option to settle payments with stablecoins, starting with USD coins (USDC). According to a report from The Block, the company is also exploring ways to pay its employees in crypto.
7. Fairfax County Retirement Systems
Crypto yield farming strategies can yield yields of up to 7.2 percent, which the pension fund from Virginia, US, finds attractive.
A spokesperson for the Fairfax County Police Officers Retirement System told the Financial Times in August this year that some people have now backed off of the crypto market during the downturn, so there are still good opportunities for those who remain.
8. Ontario Teachers’ Pension Plan Board
With its investment in the major crypto exchange FTX, the Ontario Teachers’ Pension Plan Board appears to be taking an interest in the crypto space. FTX announced that Ontario’s teachers had invested in its latest USD 400m funding round in January this year (they also did so in October last year).
9. Commerzbank
BaFin, the German financial regulator, granted Commerzbank a “crypto custody license” earlier this year.
In the traditionally conservative European banking industry, Commerzbank would be taking a major step towards the adoption of digital assets if the license can be obtained.
10. Fidelity
In addition to Fidelity, other major asset managers are taking steps to engage in crypto. In spite of the fact that Fidelity Digital Asset Services was set up as early as 2018, this company has continued its venture into crypto.
Another notable move by the company was to allow employees to invest in bitcoin in their 401(k) pension plans – subject to their employers’ approval.
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