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Crypto Adoption in Canada Slows Down, What's Happening?

Previously, according to a recent report by public accounting firm KPMG, institutional investors in Canada significantly increased their cryptocurrency exposure last year compared to the previous increase.

As reported by Coinmarketcap, Saturday (27/4/2024), the survey, which received 65 responses from institutional investors and financial services organizations, found that nearly 40% of participants reported having direct or indirect exposure to crypto assets in 2023, up from 31% compared to the KPMG study in 2021.

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Of the respondents, 31 people were identified as institutional investors managing assets of more than USD 500 million or equivalent to IDR 8 trillion (assuming an exchange rate of IDR 16,191 per US dollar), while the remaining 34 were financial services organizations.

The survey revealed that a third of institutional investors have allocated 10% or more of their portfolios to crypto assets, up from a fifth two years ago.

The survey highlighted maturing markets and improving storage infrastructure as key factors driving institutional investors to invest in crypto assets.

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Additionally, financial firms expanding their offerings cited increasing client demand for crypto asset services as a significant factor.

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The report also revealed that half of the institutional investors surveyed have exposure to crypto assets through Canadian ETFs, closed-end trusts or other regulated products.

Additionally, 58% of participants had exposure through stock markets, such as Galaxy Digital on the Toronto Stock Exchange, up from 36% in 2021.

Exposure through derivatives markets also saw a significant increase, with 42% of institutional investors receiving exposure compared to 14% in 2021. The only decrease was among venture capital firms or hedge funds, down to 25% from 29% the previous year.

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Crypto Adoption in Canada Slows Down, What's Happening?

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