Blackrock, Deutsche Bank embrace crypto as AltSignals raises $1M

• Blackrock is seeking approval to launch the iShares Bitcoin Trust.

• Deutsche Bank applied for a new crypto custodian license in Germany.

• AltSignals has raised over $1 million in its token sale.

Large financial services companies are embracing cryptocurrencies even as the Securities and Exchange Commission (SEC) and other regulators fight key companies in the industry. This explains why most cryptocurrencies have staged a strong recovery in the past few days. Bitcoin price is approaching $29,000 while Ethereum has jumped to $1,830. AltSignals, on the other hand, has raised over $1 million from investors.

Blackrock and Deutsche Bank crypto ambitions

The most important crypto news of this month was the decision by the SEC to sue Coinbase and Binance, the two biggest companies in the industry. The SEC made several allegations such as offering unregulated securities and commingling of customer funds.

The impact of these lawsuits could be dire for the industry. For example, if the SEC wins against Coinbase, the company will have to stop offering staking products. Instead, developers of staked products will need to first get a license from the agency.

Meanwhile, there are signs that many large companies are embracing cryptocurrencies. As we wrote here, Blackrock has applied for the iShares Bitcoin Trust. If accepted, this will be the first spot ETF in the crypto industry.

The fund will make it possible for people to have an exposure with Bitcoin without holding the real coin. It will also enable them to hold the coin without using exchanges like Coinbase and Binance.

It is still unclear whether the SEC will allow the spot ETF since it has rejected others in the past. The main difference is that Blackrock has added some measures to prevent price manipulation in its ETF filing.

The other important cryptocurrency news was the official launch of EDX Markets, a non-custodial crypto exchange. This was a crucial development since the exchange is backed by Wall Street companies like Schwab, Fidelity, and Citadel Securities. All these firms have a major role in the US, with Citadel being the biggest market maker.

Meanwhile, Deutsche Bank confirmed that it had applied for a crypto custody license to Bafin. The company hopes to provide crypto banking services to affluent people in Germany. If the company gets the license, it will be a good…