Northern Trust, a financial services company recently expanded its reach in cryptocurrency and blockchain field and added several blockchain-based features to its platform. The company with a private equity workflow of around $10.7 trillion in assets under administration and custody has now diverted its fund administration towards a selected group of hedge funds that will bet on Bitcoin (BTC-USD) and Ethereum (ETH-USD).
Bitcoin Prices Drop Further
The day has started well for Bitcoin with the prices hanging around $7,837.76 and is losing around 3.71%. Ethereum has also dropped 5.57% and is trading at $435.10, Ripple has fallen by 3.5% and today is trading for $0.432959. Overall the market is witnessing a slight decline in price and the momentum in the crypto market has also slowed down.
Recently, the cryptocurrency price comparison site Finder.com stated that BTC will rise by 18% and reach $7,247 at the start of August 2018. However, the current drop in Bitcoin prices has defied all such predictions.
Jeff Horowitz begins job as chief compliance officer at Coinbase
Jeff Horowitz today started off as the new chief compliance officer at Coinbase. Horowitz previously worked as the managing director and a chief compliance officer at BNY Mellon subsidiary Pershing, LLC. He will be putting all his efforts to push forward the latest enterprise cryptocurrency solutions from Coinbase. The 12th largest exchange in the world has a daily volume transaction of $156 million and supports all the major cryptocurrencies. Recently it opened two solutions, Coinbase Custody and bought a licensed broker dealer.
Scalar Capital Attracts Investments From High-Profile Investors
Scalar Capital, a virtual currency investment firm has attracted investments from some of the high-profile investors in the crypto world including Chris Dixon and Marc Andreessen. The company pulled in around $8 million at the start of the year, and with the latest inflow of investments, its total assets have increased to $20 million. Other investors to pour in their cash in Scalar Capital include Fred Ehrsam and Brian Armstrong, the co-founders of Coinbase, Bain Capital Ventures, and Elad Gil.
Scalar was co-founded by Linda Xie and Jordan Clifford. As of now the firm owns around 20 digital currencies and is supported by a long-term investing strategy.