Northern Trust opens the door for the cryptocurrency hedge funds
The financial giant Northern Trust has significantly expanded the scope of its services in the field of financial technologies and announced the beginning of administration and asset management of cryptocurrency hedge funds.
In addition to a number of new blockchain features to optimize equity management, the company, which has nearly $10.7 trillion in management, has opened its capital management services to crypto-funds betting on investments in bitcoin and Ethereum without loud statements.
In an interview with Forbes, Pete Tcherekvich, President of corporate and institutional services at Northern Trust, said that due to the non-disclosure agreements, he has not yet been able to name new partners in the form of crypto-oriented hedge funds. Cherekvich, however, explained why the 129-year-old financial company, which is the largest Supervisory Bank in the US, spends so much effort and resources on the development of its own digital and blockchain directions:
"Nowadays, You can digitize anything. You can tokenservice copyright on a movie, You can tokenservice any business to create its own digital currency for monetization, "said Cherecwich, who works in the company for 11 years. "We should be able to understand how to store such tokens and evaluate them. We should learn to work with them now."
According to Northern Trust, the company will not offer a custodial service for cryptocurrency organizations. Instead, the financial institution plans to explore alternative services for the category of clients investing in cryptocurrencies. According to the company, financial institutions need to prepare for the day when Fiat currencies will also be transferred to the blockchain.
"I believe that the government ultimately will proceed with the digitization of national currencies", said Pete Cherecwich.
Note, in mid-July it became known that billionaire Stephen Cohen invested in the hedge Fund Autonomous Partners, which is focused on cryptocurrencies and blockchain companies
Recall also that bypassed bitcoin hedge Fund Pantera Capital according to profitability — bitcoin investment, despite the prolonged decline of the asset was more profitable investments in a diversified portfolio of cryptofauna Pantera.
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