Posted on 08/03/2018 4:07:19 PM PDT by Enlightened1
U.S.-based custody bank Northern Trust is helping traditional "mainstream" hedge funds expand into cryptocurrencies, Forbes reported Tuesday.
Northern Trust's president, Pete Cherecwich, told the news organization that the financial services firm is working with three hedge funds whose names he declined to provide to add cryptocurrency investments to their portfolios.
To that end, Northern Trust has reportedly created new administrative tools and services specifically for cryptocurrency assets. These include tools to price and trade cryptocurrencies, according to the report.
Cherecwich said:
"You can take anything today. You can take movie rights, you can take all sorts of entities, and you can create a token for those. We have to be able to figure out how to hold those tokens, value those tokens, do those things."
Ultimately, he said, he believes governments will digitize currencies on a blockchain. As such, many of Northern Trust's efforts to integrate blockchain services are part of preparations for when fiat currencies are digital tokens.
The firm has been integrating blockchain services for over a year now. Most recently, the bank partnered with Big Four firm PriceWaterhouseCoopers to launch auditing technology for data stored on a blockchain. The project is aimed at streamlining audits by granting specific individuals a node on a bank's private blockchain, allowing them to follow data as it is stored.
Northern Trust image via Steve Heap / Shutterstock
(Excerpt) Read more at coindesk.com ...
Yup, buy land and tangible assets.
“Northern Trust’s president, Pete Cherecwich, told the news organization that the financial services firm is working with three hedge funds whose names he declined to provide to add cryptocurrency investments to their portfolios.”
Keywords: whose names he declined to provide...
Run away as fast as you can. Northern trust is a con. And if you’re going to invest in cryptocurrencies, the last place you want advice from on Bitcoin buys is a damn hedge fund.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.