Two major Wall Street banks revealed moves into cryptocurrency derivatives and decentralized finance (DeFi) over the weekend that could be seen as a vote of confidence just when the crypto industry needs one most.
Tyrone Lobban, head of Onyx Digital Assets at J.P. Morgan, said Saturday (June 11) at the CoinDesk Consensus conference that the company is working on several ways to tokenize financial assets like bonds and money market fund shares for use in both traditional markets and DeFi, CoinDesk reported.
And on Monday (June 13), just as crypto lending firm Celsius’s announcement that it was halting withdrawals — meaning it was possibly insolvent — set off a bloodbath in the already shaky crypto market, Goldman Sachs revealed that it is offering clients an ether-linked derivative, executing its first trade with financial services firm Marex Financial, Bloomberg reported.
It’s been a bad three days for the crypto industry with bitcoin tumbling 30% in just a week — and down 70% from...
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