With so much hype around ETF's at the moment, there is another news story floating about that is much more important than ETF's.
Northern Trust has opened the doors to approximately 6 Top Tier hedge funds to providing custodial services for their crypto.
For those who don't know who Northern Trust is, it is a financial institution for the uber wealthy. But more than this, it is the cleanest of all clean institutions. It doesn't take risks, it doesn't do dodgy deals or get itself into newspapers. This is the company that OLD money goes to be managed for future generations.
So when it was announced a few days ago that Northern Trust has opened the doors to Crypto Hedge Funds to provide custodial services, this should have been huge news. But for some reason it didn't get the hype that is should have. Instead we get signals from Korea that they are taking a step back for tax reasons, more news about the SEC and ETF's and just general background noise.
These moves are actually pre-cursers to the crypto ETF's and Hedges, as the funds aren't actually allowed to hold the assets, they have to be held by a 3rd party custodial service and at the moment no major institutions are doing this. That is until now. A lot of the SEC complaints have been due to the lack of custodial services, so these fears appear to now be fading away as super trustworthy institutions such as Northern Trust start to step up to provide these services.
This is a very good indicator. I'm not going to say any douchebag stuff about buckling up, and the bulls are in the gate, but get all your ducks in a row as this kind of thing is a positive bit of news and really should have got ALOT more press than it actually did.
Here are some links to read words by people much smarter than me.
https://www.forbes.com/sites/michaeldelcastillo/2018/07/31/northern-trust-opens-doors-to-cryptocurrency-hedge-funds-as-part-of-pervasive-blockchain-expansion/#210efe8f48bc
https://www.ccn.com/10-7-trillion-custodian-northern-trust-helping-hedge-funds-invest-in-bitcoin/
https://www.coindesk.com/northern-trust-is-helping-hedge-funds-invest-in-cryptocurrencies/
Thanks for this Gohba - I had no idea - but you're right. It's big.
Thanks mate
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