(FT) Citigroup, BNY Mellon, and Wells Fargo are showing more digital asset embrace after participating in a $105 million funding round for crypto tech firm, Talos.
The Series B financing values Talos at $1.25 billion. Technology investor General Atlantic and Talo backers Fidelity Investments, Andreessen Horowitz, and PayPal Ventures also participated.
The deal, which comes amid falling crypto prices, underlines the growing interest in crypto among Wall Street banks, which are seeking to diversify away from traditional finance.
Mike Demissie, head of digital assets at BNY Mellon, says the company sees crypto as a spear. He says that other assets are likely to become tokenized and made available on the blockchain.
Talos CEO Anton Katz is optimistic about the crypto tech platform. He says he sees more variety of digital assets coming to Talos in the future as trading methods evolve while crypto gets ingrained in traditional finance.
General Atlantic managing director sees an opportunity in Talos in the crypto sector as more institutions make entry. He says the market structure is evolving, which will favor Talos, as more fiduciary duties grow for institutional investors.
BTCUSD is up +3.59%, XLF is down -0.97%.
