Blockchain and cryptocurrency technology are booming

**The Rise of Cryptocurrency: How Major Corporations Are Embracing Dig

When the world's first cryptocurrency, Bitcoin (BTC), debuted

In 2009, hardly one recognized it as a legitimate currency.

 Disbelief in cryptocurrency's potential was so strong that a guy named Laszlo Hanyecz bought 10,000 BTC just to sell it for two pizzas! His story became legendary, and the date of this transaction – May 22 – is now honored annually by crypto aficionados as Bitcoin Pizza Day.

Hanyecz's tale is not exceptional, as many individuals felt cryptocurrencies were useless and unlikely to be taken seriously at the time. However, Bitcoin and other cryptocurrencies quickly grew in popularity, and by 2022, everyone is talking about investing in the realm of digital currency.

All of this excitement has prompted significant corporate players to invest, with the goal of capturing the lion's share of the market and long-term dominance.

Companies like Nomura building digital asset-focused business divisions come as no surprise since most multinational businesses' clients are seeking for this type of exposure. What's more fascinating is that Nomura is particularly studying NFTs. Their quick development and adoption in the creative/collectibles market have provided the ideal testing ground for hardening the technology in preparation for digital ownership of real property, and the communities that will emerge as a result.

The fact that Nomura is researching the crypto industry through a dedicated wing is a significant signal of what's to come in the near future.

Mainstream corporations have a herd mentality, which means that when one large player establishes a department to investigate cryptocurrency, it's just a matter of time until others do the same.

As we go into a more decentralized future, the construction of specialized crypto wings will most likely become the standard. However, he noted that several factors must be considered by businesses before making substantial moves in this direction:

The movement will gain traction as cryptocurrency's societal acceptance grows, particularly as a comprehensive technology that provides a plethora of benefits other than money. "Whether crypto becomes a societal norm is not up to these corporate titans, but to the general interest of citizens.

Many such companies are addressing this blockchain and Crypto boom worldwide…

Bank of America launched a specific team focused on crypto and digital asset strategy in mid-2021, citing increased client demand and other relevant considerations as the reason for the move. Analysts stated in research issued later that year that the digital asset industry had become too enormous for any forward-thinking organization to ignore, with crypto reaching a colossal market valuation in 2021 — and boasting over 20 crores of users.

The experts also stated that in the following months and years, crypto-based digital assets might create a completely new asset class. Not only that, but they acknowledged that the digital asset ecosystem had expanded into previously unimaginable realms in recent years, including decentralized finance, stablecoins, central bank digital currencies (CBDCs), and NFTs, implying that more traditional players are bound to enter the fray soon.

From a strictly financial basis, venture capital-related digital asset and blockchain investments totaled more than $17 billion= INR 13,900 crores in Q1 and Q2 of 2021 alone, much exceeding the previous year's total of $5.5 billion=INR 4230 crores.

Finally, as more businesses see the potential of cryptocurrency in a variety of areas — including finance, supply chains, gaming, and social media — the establishment of specialized crypto research teams is no longer a pipe dream. Digital assets provide real, ready-to-use use cases that address many of the difficulties that traditional banking presents.

Despite numerous large dips recently, the crypto sector's current market value is $1.8 trillion, which is greater than the GDP of several major nations. That tells you all you need to know about how big this industry has become and whether or not corporations are taking it seriously. Most organizations, I believe, already have dedicated teams working around the clock to investigate this field in order to avoid falling behind.

Most traditional firms see a lot of value in crypto

Much like Bank of America, many other financial juggernauts have also recently jumped into the deep end of the crypto market. For example, late last year, Morgan Stanley launched a cryptocurrency research team led by Sheena Shah, the company’s head digital asset analyst, alongside Adam Wood and James Faucette, who head the bank’s fintech and payments research team in Europe and the United States, respectively.

It is also worth noting that Morgan Stanley was among the first major investment banks to fully embrace digital currencies, with the firm rolling out a total of 15 crypto-related mutual fund offerings to its clients over the last 18 months.

Additionally, State Street, the second-oldest continuously operating bank in the United States, launched a dedicated digital finance division in June 2022, noting its need to focus on future-centric technologies such as cryptocurrency, blockchain, CBDCs and tokenization to keep up with the ever-evolving global financial landscape.

So, as the world continues to move toward using digital assets, it stands to reason that more and more companies will look closely at various offerings connected with the space. In this regard, it seems many companies see creating teams specializing in this financial niche to be the best means of doing so.

Many other banking Giants, including Bank of America, have lately waded into the deep end of the cryptocurrency business. Morgan Stanley, for example, formed a cryptocurrency research team late last year led by Sheena Shah, the company's chief digital asset analyst, with Adam Wood and James Faucette, who lead the bank's fintech and payments research teams in Europe and the United States, respectively.

It's also worth mentioning that Morgan Stanley was one of the first large investment banks to completely embrace digital currencies, with the business offering 15 crypto-related mutual funds to its customers over the previous 18 months.

Furthermore, State Street, the second-oldest continuously operating bank in the United States, announced the launch of a dedicated digital finance division in June 2021, citing the need to focus on future-centric technologies such as cryptocurrency, blockchain, CBDCs, and tokenization to keep up with the ever-changing global financial landscape.

As the world continues to shift toward the use of digital assets, it stands to reason that an increasing number of businesses will scrutinize various offers in the field. In this regard, it appears that many organizations believe that forming teams specializing in this financial sector is the best way to do this.

With to skyrocket in popularity in 2022, several of the world's most powerful corporations have already set the foundation and may quickly enter the blockchain market. Amazon, Google, and others are keeping a careful eye on the market because if and when they introduce trademark cryptocurrencies, it will almost certainly trigger a bull run. Meanwhile, consumers should take advantage of the chance to educate themselves and discover the world of cryptocurrency so that they can benefit from the market's long-term growth.