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Why BlackRock and other ‘tradfi’ titans could struggle to win over crypto traders

‘Any tradfi firm that plays in crypto is asking for a beatdown,’ says one cryptocurrency trader

Regulators have likened the roughly $2tn cryptocurrency market to the ‘Wild West’, saying it lacks the safeguards that protect investors in stocks, bonds or commodities
Regulators have likened the roughly $2tn cryptocurrency market to the ‘Wild West’, saying it lacks the safeguards that protect investors in stocks, bonds or commodities Photo: Getty Images

BlackRock just became the latest financial Goliath to dip its toes into crypto, joining heavyweights including Goldman Sachs, Citigroup and Cboe in boosting offerings for institutional clients.

But dedicated crypto trading firms may have little to fear just yet, thanks to the Byzantine nature of traditional finance, or ‘tradfi’, firms.

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