20% of financial institutions may introduce crypto trading within the year

Around 20 per cent of financial institutions are considering cryptocurrency trading for their customers within the next year, according to survey results from Thomson Reuters.

The survey asked 400 clients about including crypto as part of their foreign exchange trading offering and, of the the 20 per cent who said it may be introduced within 12 months, two-thirds claimed it could come in 3-6 months.

Neill Penney, co-head of trading at Thomson Reuters, said: “Cryptocurrency is still a relatively small part of the trading market, but this survey indicates this niche segment is starting to enter the mainstream of the financial services industry. This is a major change from a year ago.”

Just this week, the Bank of England published a staff working paper looking at the risks and benefits of introducing central back cryptocurrencies.

Kevin Murcko, CEO of cryptocurrency exchange CoinMetro, said of the move: “While it’s true that, at the present moment, UK financial institutions have negligible exposure to cryptocurrency, the future looks very different. Client demand for cryptocurrency capabilities are growing rapidly, and that’s something commercial banks will have to respond to.”