Financial institutions across the globe are beginning to adopt bitcoin (BTC) and incorporate the digital currency into its business model. This is evident after NYSO HEDGE, a hedge fund located in New York City, announced that it has accepted approximately $5.4 million in bitcoin deposits.
This hasn’t been a long endeavor to amass a sum, though it did apply for regulatory approval this past summer. The hedge fund announced Friday that it would be accepting bitcoins for deposits, which means it has only taken three full days to accumulate an immense sum.
The company explained that the virtual currency has the ability to provide individuals with options to invest in stocks without any chargebacks and fees. This, NYSO HEDGE says, contributes to the less usefulness of credit cards.
According to Coin Desk, NYSO HEDGE has been bullish on bitcoin. It published a report in which it found that bitcoin is “95 [percent] more secure than credit cards and 70 [percent] more secure than cash.” It also suggested that it will offer a long-term utility to its business and its clients.
“NYSO HEDGE’s own Risk management team (due to these circumstances), has deemed bitcoin deposits as safe as wire transfers with careful research and considerations,” the private fund said in a statement.
The accounts offered at NYSO HEDGE need a minimum investment of $25,000 and clients have an array of accounts to choose from, such as certified investor accounts, managed accounts and margin accounts. Clients are given credit cards and bank transfers as available payment options.
In the end, it projects that once more people have a better understanding of bitcoin then investments could “multiply tenfold.”
We reported last month that Wells Fargo could very well be one of the first major banks to adopt the cryptocurrency.
For more Bitcoin news follow PFhub on FaceBook, Twitter or bookmark this page.
