As more institutions not only express interest in cryptocurrencies but actually invest in Web3 projects, getting into cryptocurrencies is becoming a matter of “when” rather than “if”, according to an executive at SEBA Bank, a company specializing in cryptocurrencies.
Speaking at the World Token Summit was Nasha Afshar, a chartered financial analyst who works as a director at SEBA Bank. Afshar discussed topics such as institutional interest and adoption of crypto and trends they have noticed recently.
Cointelegraph reporter Ezra Reguerra with SEBA Bank’s Nasha Afshar (right) at the World Token Summit in Dubai. Source: Cointelegraph
According to Afshar, during the bull market, many expressed interest in the crypto world. “If you look at the institutional interest and adoption today compared to then, I think more interested players came into the space then,” he said.
However, he believes that despite the interest back then, the number of people who turned that interest into action was less than the number he notes today. He explained that:
“How much action behind that interest was maybe not as strong as it is today, because if you look today, for example, you can see that most recently you’ve had firms that are of a very significant size and presence globally coming into crypto.”
The executive cited that Citadel is backing a crypto exchange, that BlackRock has applied for a bitcoin ETF and that others such as WisdomTree and Invesco are doing the same, which is “an extremely optimistic sign for the industry“.
When asked about local trends within Abu Dhabi Global Markets in the UAE, where SEBA Bank has an office, the managing director recognized that there is a trend in terms of companies also showing interest in expanding. He explained that:
“We’ve seen a trend in businesses that were either located elsewhere or looking to expand a secondary office to expand their global footprint that has decided to set up in the because of that robust framework and pro-crypto stance.”
Afshar also noted that at the time there was still a “question mark” hanging over cryptocurrency as an asset class among institutional investors. Today, the SEBA Bank executive believes that “it is no longer a question of if, but rather a question of when“.
Finally, the analyst said that there is already “not just a shift in thinking, but a shift in doing, that this industry is going to get bigger.”