Bitcoin on the balance sheet: Once hostile to the digital asset, Wall Street is warming up

Blockchain analyst Tim Swanson remembers a client representing a major bank who, during the heady days of the 2017 cryptocurrency bull run, kept asking how to get in on the action.

Swanson, who was working for the banking blockchain consortium R3 at the time, wondered why a bank would be so intent on cryptocurrencies when trading the new digital asset came with a variety of risks.

“Why would they trade this? There are so many other things in the world to trade with,” Swanson remembers asking his boss. “He said, ‘Tim, you don’t understand—traders like to trade stuff. They just want to make money. They’ll trade anything.’”

Four years later, those traders are getting their wish.

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