Market Overview

Wall Street Joins The Bitcoin Movement

Wall Street Joins The Bitcoin Movement

Bitcoin supporters have been confined to a tech-savvy subset of the population for years as the general public's lack of knowledge about the cryptocurrency and hesitation regarding safety and security has kept the currency from widespread adoption. However, as more and more companies began to see the appeal of digital currencies, many believed it would only be a matter of time before bitcoin exploded into the mainstream.

Now, a recent fundraising effort by Chain Inc. suggests that time may be right around the corner.

Big-Name Investors

Chain Inc. is a California-based startup that uses blockchain, the ledger-like technology that bitcoin runs on, to help banks and financial institutions conduct trades and transfers. The company was able to raise $30 million after several big-name firms threw their support behind the company. Chain received funding from companies like Visa Inc (NYSE: V), Nasdaq Inc. (NASDAQ: NDAQ), Capital One Financial Corp (NYSE: COF), and Orange SA (NYSE: ORAN).

Related Link: Did Barclays Start The Bitcoin Bull Run?

Changing Tides

Wall Street has been largely uninterested in the cryptocurrency trend, but firms' recent interest in Chain suggests that opinions are changing. Since Chain's business doesn't deal directly with bitcoin, many believe that the financial sector is more interested in blockchain than cryptocurrencies themselves.

Blockchain Applications

While the use case for digital currencies like bitcoin are limited, the opportunities for a system like blockchain are endless. Many believe that the technology can be expanded for use in traditional finance facilitating international payments or managing trades. Blockchain has also been explored for use in other industries doing things like overseeing legal contracts or running online auctions.

Posted-In: Bitcoin Blockchain Chain Inc.Cryptocurrency Forex Startups Markets Tech Best of Benzinga


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