Northern Trust - A Financial services giant with $10.7 trillion worth of assets under custody
Beyond Huge! Northern Trust - A Financial services giant with $10.7 trillion worth of assets under custody & administration, opens doors to Cryptocurrency services
According to Forbes, the Chicago-based firm added several new blockchain features for managing private equity workflow as well as discreetly opening its fund administration services to certain hedge funds betting on bitcoin and ethereum.
Quoting Pete Cherecwich, President of Corporate & Institutional Services at Northern Trust,
""I do believe that governments will ultimately look at digitizing their currencies, and having them trade kind of like a digital token — a token of the U.S. dollar — but the U.S. dollar [would still be] in a vault somewhere, or backed by the government."
The Financial services giant has also reported to have significantly expanded its work with blockchain and cryptocurrencies across multiple divisions including but not limited to KYC/AML, NAVPs, Tradings etc.
The move has been described as one of the most significant pushes into cryptocurrency by a traditional financial institution till date.
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@acryptoverse, this is good news for us in the block chain / crypto currency industry.
Some of the pertinent facts are that Northern Trust:
(https://en.wikipedia.org/wiki/Northern_Trust)
The foundation is being developed during this pull back. Do not lose faith, folks. A huge change is about to occur. Once it takes off, things will move fast. A six month lull is nothing on a 10 year time frame. HODL everybody!
Thats a good opinion
Resteemed