Wall Street has been embracing the latest wave of Silicon Valley financial tech at a fast rate. Over the past several months, many Wall Street Financial companies have embraced the new wave fintech enterprises with remarkable speed.
The blockchain an online ledger that tracks the movement of digital currency, but it can also be used to manage, register and secure anything else that has value. Wall Street companies seem to have seen the true potential of the blockchain technology and many are now rushing to invest and develop new applications with this new technology.
Jamie Dimon, JP Morgan Chase CEO, expressed his belief saying that “Silicon Valley is coming.”
Dimon has been warning the Wall Street old guard that traditional banking is facing new and competitive alternatives, and now it looks like Wall Street is seriously interested in developing and investing in blockchain technology.
Throughout this year we have seen a lot of Wall Street Companies such as Nasdaq or Nyse have been funding startups working with blockchain technology.
Earlier this week, a San Francisco startup called Chain announced it was receiving $30 million in funding from capital investors such as Visa, Capital One Financial, Citi Ventures, and Nasdaq. Other companies like NYSE, the New York Stock Exchange have invested in the well-known San Francisco bitcoin wallet infrastructure company Coinbase. Goldman Sachs is now backing bitcoin consumer Services Company called Circle Internet Financial and the Digital Asset Holdings, a new startup led by Blythe Masters, is issuing the first Crypto Security system.
Nasdaq, is already partnering with Chain to build a digital marketplace for shares in private companies, and Chain CEO Adam Ludwin says that other investors are using the company’s tech to create their own systems atop the blockchain idea. In applying the blockchain to the Nasdaq Private Market, Nasdaq and Chain aim to provide a better way for companies to manage their shares before going public.
Contrary to what happened before, now Wall Street companies has their arms wide open to receive the blockchain technology. The bitcoin technology is now having its first real impact on Wall Street who is pushing forward in a lot of innovative ways.