- Traditional banks continue to increase their investments in cryptocurrencies
- Bitcoin price has gained over 7% this week as buyers eye $12,500 next
- Ethereum price is testing the daily resistance at $375 with hopes that this rally could extend above $400
The number of traditional institutional investors that are looking to increase their investments in cryptocurrencies is increasing by the day. This trend is likely to help digital assets trade at higher prices given the size of assets under management by these institutions.
Fundamental analysis: A major UK bank wants more crypto exposure
Standard Chartered is looking to increase its cryptocurrency holdings in a bid to lure institutional investors. The company has announced three job openings over the last two weeks as it’s looking to build a crypto team that will help it achieve this target.
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Three months ago, Standard Chartered announced its plan to develop a custody solution, however, according to its recently announced job openings, it appears that the bank is looking to actively grow its cryptocurrencies under management.
The move will make Standard Chartered a direct competitor to other investment banks such as Fidelity, which has already rolled out a Bitcoin fund.
“Reporting to Head of Sales and Product you will be responsible for the network management and product strategy that will pro-actively grow assets under management for crypto assets (cryptocurrencies and other unregulated tokens), targeting institutional investors,” the bank wrote in a job description.
This isn’t the first time the bank has been exposed to the crypto industry. Last year, Standard Chartered conducted its first joint blockchain transaction with Linklogis, a supply chain financing service provider based in China. Shortly afterwards, the bank became part of the Enterprise Ethereum Alliance, an organization that helps businesses adopt and use Ethereum technology.
The three job openings include junior relationship manager (digital assets), network management, and chief of crypto-asset technology risk. All of the job vacancies are listed as full time and based in London.
The network management job covers the entire ecosystem that the custodian is linked to. The chief of crypto-asset technology will be leading the bank’s crypto strategy, and the junior relationship manager will “manage and develop strong client and partner relationships with key decision-makers and influencers through multiple touchpoints at various levels”.
2 cryptocurrencies to buy right now
Bitcoin (BTC) price has gained over 7% this week. This has helped the world’s largest digital asset to trade at a 6-week high near the $11,500 handle. More importantly, Bitcoin price is trading above the short-term resistance line at $11,100, a trend that is likely to help Bitcoin buyers to reach $12,000 in the next week.
Similar to Bitcoin, Ethereum (ETH) price is trading nearly 7% higher this week. Ethereum price broke out of the symmetrical triangle, which has accelerated the move higher. The ETH bulls are now testing the daily resistance at $375, whose break will open the door for a trip above $400.
British investment bank Standard Chartered is building a crypto team that will help it expand its crypto holdings in an effort to attract institutional investors. In the meantime, both Bitcoin and Ethereum made significant gains this week that could help them make further progress in the weeks to come.