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Banks increasingly interested in Bitcoin says Elliptic co-founder

According to a new report, global banking institutions have been expressing more interest in Bitcoin (BTC) as the cryptocurrency consistently breaks new all-time highs.

 According to Cointelegraph, Tom Robinson, co-founder of major British crypto firm Elliptic, stated that his company saw a massive surge in Bitcoin-related inquiries from global banks

 Over the last two months, the executive noted a wave of Bitcoin-associated demand from United States-based banking institutions. Several financial institutions in the U.S. “are seriously considering launching some type of cryptocurrency service,” according to Robinson. British banks were the most reserved in terms of the demand’s uptick, the exec allegedly said.

Founded in 2013, Elliptic provides crypto intelligence services to high-profile customers, such as government agencies and cryptocurrency exchanges. The company works with state authorities including the U.S. Federal Bureau of Investigation.

Megan Prendergast Millard, managing director at the risk and compliance firm Guidepost Solutions, thinks that the growing Bitcoin trend among traditional financial institutions is natural amid surging adoption.

Prendergast Millard allegedly stated that it was logical for banks to begin opening up to digital currencies in a similar way to crypto exchanges in order to keep millennials and Generation Z on board. Prendergast Millard also noted that “Financial institutions are looking to keep their customers and they need to think about who those people are.” 

The new report comes right after Bank of New York Mellon, the oldest bank in the U.S., announced plans to hold and trade Bitcoin and other cryptocurrencies as an asset manager on behalf of its clients. Roman Regelman, senior executive vice president and head of the digital at BNY Mellon, thinks that the full incorporation of digital assets into the traditional banking infrastructure will take another three to five years. 

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