It’s finally happened, first Bitcoin is being accepted by the leading U.S. financial institution.
The respected company that decided to shake hands with progress is Wedbush Securities (WS). The institution have been closely following the digital coin since the blindingly fast elevation of its price in the late November 2013.
Now, the company has finally ventured into the world of crypto, trusting its customers to pay for services with Bitcoin. As any other firm that loudly pronounced its affiliation with cryptocurrencies, the WS joined forces with a platform that allows it to instantly exchange Bitcoin they get from user for a stable and cozy fiat. The web wallet solution that WS chose is Coinbase – a popular Bitcoin wallet, although it was not seen in any business relationship such as the one it’s getting into.
About a month ago, we posted a summary of the interview with one of the institution’s employees - then the Computer Service Analyst now the Managing Director, Gil Luria. The following information is just a speculation, but all clues to the fact, that he was the main promoter of digital coin in the WS.
He even was the first one on the Wall Street to publish detailed research reports on cryptocurrencies among which were:
“Bitcoin: Intrinsic Value as Conduit for Disruptive Payment Network Technology” (December 1, 2013), “Digitizing Trust: Leveraging the Bitcoin Protocol Beyond the Coin" that came a month later and the last but not the least “Watch the Innovation, Not the Price,” published this Valentines Day.
Wedbush Securities are working with finance since the 1955. Their services include investment banking, equity research, clearing, brokerage and much more. In other words a long time artisan in the world of finance tinkering.
What else can be said here – this is a major event for the U.S. and other world that looks up to the country as it is the first time a player this big is entering the sandbox. What will that lead to? An avalanche of similar claims from firms that were afraid to be the first or a negative publicity for Wedbush Securities, considering how many hits the digital coin have suffered lately.