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The World Federation of Exchanges (WFE), a key trade association, recently completed a survey involving its member financial exchanges to gauge their attitudes toward incorporating cryptocurrency-related offerings. The results depict a financial landscape in flux and a significant level of hesitancy. Out of the 29 exchanges that participated, 12 already provide crypto-related services. Seven more are considering doing so in the future, while over one-third have decided against it altogether.
Interest in cryptocurrencies is primarily fueled by retail investors, rather than institutional ones, the survey revealed. Everyday people appear to be more attracted to stablecoins and non-fungible tokens (NFTs). On the flip side, institutional investors show more inclination toward security tokens and custody services, demonstrating a divergence in product interest between the two groups.
The financial community remains skeptical about the future mainstream acceptance of cryptocurrencies. Only about 25% of the surveyed exchanges expect digital assets to become commonplace within half a decade.
The timing of the survey, conducted from May to July of 2022, is particularly noteworthy. It was completed just a few months before the fall of the crypto exchange FTX, an event that rocked the industry and intensified pre-existing worries about unclear business practices and regulatory gaps in the cryptocurrency sphere.
The WFE's membership list includes significant players in the financial industry like Nasdaq, Deutsche Boerse, and Switzerland’s SIX Group. Previously, traditional financial firms showed keen interest in adding cryptocurrency options to their portfolios. However, their enthusiasm has significantly waned in the wake of increasing regulatory conflicts and frequent market crashes involving digital assets. These developments have made these firms reconsider their previous plans and adopt a more cautious approach toward integrating cryptocurrency offerings.
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