Woorton reveals 10x increase in institutional crypto investment

Market maker and OTC desk Woorton has reported a 10x increase in trading volume from 2019 to 2020, with an overall volume above $10 billion.

Woorton’s Head of Trading, Zahreddine Touag, spoke to Coin Rivet during this week’s virtual Paris Blockchain Week Summit, revealing a significant uptick in interest from CFOs of large companies looking to purchase Bitcoin for treasury management.

Touag’s comments were reinforced by yesterday’s news that saw Massachusetts Mutual Life Insurance purchase $100 million of Bitcoin for its general investment fund.

It’s also worth noting that the likes of MicroStrategy and Square have invested $475 million and $50 million in the asset class respectively this year.

Touag added: “This year we have been reached by 10 times the amount of CFOs from large corporations because they want to get into crypto.”

The value of Bitcoin has experienced a tremendous uptick in 2020, rising from March’s gruelling lows of $4,000 before testing its all-time high of $20,000 just eight months later.

This has been spurred by institutional adoption of digital assets alongside a charge for Central Bank Digital Currencies, which is being discussed by the likes of the ECB, the Bank of England and the French Central Bank.

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