BlackRock chief executive Larry Fink once described bitcoin as an “index of money laundering”. Jamie Dimon, the boss of fellow traditional finance firm JPMorgan, went further, calling it variously a “hyped-up fraud” or a “pet rock”.

But seven years later, tradfi firms are starting to warm to the crypto world, capping a bumpy, 15‑year ride by the sector to gain the trust of Wall Street giants. The time is ripe for the biggest players in finance to step in.