Financial Firms Eye Crypto Trading Projects in 2018 - Survey

One in five financial institutions is interested in trading cryptocurrencies, according to a Thomson Reuters survey.

by Kalina Tekelieva
25 April • 3 min
In News

Around 20% of the clients of Thomson Reuters platforms are willing to enter the virtual currency market in the next 3-12 months, a survey published on Tuesday by Toronto-based media and information firm Thomson Reuters showed

Of those that consider trading cryptocurrencies in 2018, approximately 70% have plans to start buying and selling coins over the next three-six months. Another 22% are ready to get involved in the crypto segment within a year.

While the interest of the financial industry in virtual coins could increase this year, it is “more of a 2018 project than something longer-term”, the information firm wrote.

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Thomson Reuters, the parent company of Reuters News, gathered the opinions of over 400 clients across all of its trading platforms, such as Eikon, REDI and FX. However, the names of the financial institutions included in the survey were not disclosed.

As Reuters underlined on Tuesday, this is its first survey on the matter and it does not show how the interest in crypto trading by financial institutions has evolved.

Financial industry and digital coins

The recent survey demonstrated “generally widespread familiarity” with cryptocurrencies. Thomson Reuters quoted co-head of trading Neill Penney as saying that although virtual currencies are not a large part of the trading market, it is a niche segment that is “starting to enter the mainstream of the financial services industry”.


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Although the banking sector has been “notoriously dismissive” of the crypto market, the survey shows that “while financial institutions are saying one thing, they’re doing quite another”, Kevin Murcko, CEO of Hong Kong-based crypto exchange CoinMetro, commented the results of the survey before UK news outlet Daily Express.

According to Iqbal V Gandham, director at Cyprus-based social trading platform eToro, order sizes on the platform have increased, which is “in part due to institutional money being invested in cryptocurrencies,” Daily Express reported on Wednesday.

Keeping an eye on the crypto market

According to Thomson Reuters, crypto appetites of financial companies could get more intense. At the same time, Penney highlighted that Thomson Reuters clients need to make informed trading decisions, it is a priority for them to have solid access to news and data on cryptocurrencies.

In order to assist crypto traders, the information company introduced a Bitcoin (BTC) sentiment data feed on March 12 to track and analyze mentions of the currently largest cryptocurrency by market cap on news and social media sites.