In 2015, a computer glitch at BNY Mellon delayed how billions of dollars of assets in funds were valued, causing turmoil. Cryptocurrency investors have been forced to use small and relatively unknown auditors, custodians and record-keepers because of a lack of back-office support from Wall Street. The situation has raised fears about the reliability of the asset class and is deterring new investment. In an interview with CNBC, Bitcoin Foundation CEO Charlie Shrem said that he believes there are “many more opportunities for people who want to invest in bitcoin.” Nick Mitsiou of LGT Capital Partners said safeguards were “non-existent or shaky” and Chris Solarz of Cliffwater said the infrastructure was “pretty green”.
Cryptocurrency investors have been forced to use small and relatively unknown auditors, custodians and record-keepers because of a lack of back-office support from Wall Street. The situation has raised fears about the reliability of the asset class and is deterring new investment. In an interview with CNBC, Bitcoin Foundation CEO Charlie Shrem said that he believes there are “many more opportunities for people who want to invest in bitcoin.” Nick Mitsiou of LGT Capital Partners said safeguards were “non-existent or shaky” and Chris Solarz of Cliffwater said the infrastructure was “pretty green”.