EN 
???? BTC | $35,037 (+1,428, +4.3%)
???? ETH | $2,012 (+38, +2.0%)
???? XRP | $0.68 (+0.02, +3.7%)
???? LTC | $137 (+7, +5.8%)
Citigroup has launched a new business unit working on cryptocurrencies and blockchain. Named the “Digital Assets Group”, it will be housed in the wealth management division. Prior to this, Morgan Stanley and Goldman launched their own crypto wealth management divisions earlier in the year.
Cryptocurrency on-chain research is becoming a serious business. Chainalysis, a blockchain analytics company, just raised $100M in a Series E fundraiser, taking their valuation to $4.2B. Chainalysis is also perhaps the biggest government contractor in this space, thanks to their company’s ability to track and analyse ransomware payments.
Earlier this week however, Goldman Sachs conducted its first repo trade using JPMorgan’s private blockchain network. The transaction was conducted in 3 hours and 5 minutes, a critical detail for the sector where they “pay interest by the minute”. The network is based on the Ethereum blockchain, and utilises smart contracts that allows cash and treasuries to be transacted instantly. Volumes are currently sitting at around $1B a day however, compared to the overall repo market of $2.4T.
