Traditional financial exchanges are mixed on their stands related to offering crypto-related products and services, according to a survey by trade association the World Federation of Exchanges (WFE).
As part of a study of cryptocurrency trading infrastructure the WFE surveyed its member exchanges, with 12 of the 29 respondents (41%) saying are already offering crypto-related products or services. A further seven plan to offer them in the future. More than a third said they had no such plans, according to the survey.
The WFE also found that there is generally greater retail demand for crypto products than institutional demand. There is also disparity in the types of products requested, with retail investors more interested in non-fungible tokens (NFTs) and stablecoins, while institutional investors are more likely to demand security tokens and custody services.
Only around a quarter (26%) of the respondents said they expect crypto assets to become mainstream within the next five years.
The survey was carried out between May and July 2022, several months before the dramatic collapse of crypto exchange FTX, which sent shockwaves through the industry and heightened existing concerns around cryptocurrency with regard to opaque business practices and lack of regulatory clarity.
WFE has more than 250 members including the likes of Nasdaq, Deutsche Boerse and Switzerland's SIX Group.
Read More: LSE Group Plans to Offer Blockchain-Powered Market for Traditional Assets: Report
Edited by Sheldon Reback.
Recommended for you:
- Ethereum’s Shanghai Upgrade Will Permanently Alter ETH Economics
- Trump Digital Trading Card Project Mints NFTs for Winners of Prizes
- How the Top 1% Covers Crypto
