Recent Bitcoin corrections have not been sufficient to ward off institutional advances.
According to trader Peter McCormack, three major companies plan to launch new BTC products soon.
JPMorgan would be the next Wall Street financial institution to join the cryptocurrency. The analyst also points out the payment platform Venmo and the insurance company MassMutual.
After implementing Bitcoin payments, the Venmo financial service plans its next step.
According to McCormack, PayPal’s subsidiary company will offer its customers the purchase of Bitcoin directly through the platform. Possibly, the company’s bet is on the P2P transactions that the application offers.
This may be an important development for BTC, in view of the insertion of cryptocurrency in an already known interface.
Insurance company joins Bitcoin
MassMutual, a relevant insurance company, is reportedly preparing a Bitcoin-related product.
Although McCormack did not reveal his sources, an interview with the NYDIG CEO raised speculation.
In March, Robby Gutmann told the podcast On the Brink that soon strategic partners would announce investments in cryptocurrencies:
“The ads will progressively mark new points in Bitcoin adoption, cryptocurrency availability, Bitcoin products and services within the existing traditional financial landscape.”
NYDIG is responsible for managing MassMutual’s $ 100 million Bitcoin. The amount was acquired in December, at the beginning of the rise in the digital currency.
According to McCormack, JPMorgan would also be interested in trading Bitcoin with its customers.
In a few details, the trader limited himself to saying that the product would also have support from the crypto manager NYDIG:
“JPMorgan will launch, in partnership with NYDIG, this month, [a new product] for its wealthiest customers.”
The alleged move comes after the disclosure of new investments in cryptocurrencies by Wall Street banks.
In March, Morgan Stanley started offering exposure to Bitcoin through a fund. In addition, Goldman Sachs also announced a market expansion in future contracts focused on BTC.
Read also: Bitcoin correction: 5 cryptocurrencies to buy to profit in the meantime
Read also: Alta is at the beginning: Binance Coin reaches historic high with BTC
Read also: DeFi crypto investment fund launched in Brazil