While the movement from traditional banking and financial institutions to cryptocurrency investments has been slow for some, others have been biding their time and waiting for the appropriate moment to make the switch. According to a recent report by Coin Telegraph, John Mack, the former Chief Executive Officer for Morgan Stanley, is in the latter category. Mack is reportedly preparing to enter the cryptocurrency game and is looking to launch an ICO at some point later in the year. Why would Mack be interested in joining cryptocurrency investors in the hottest new trend?
Mack Supports Omega One
Mack's project at this time is Omega One, a platform which he says "is going to be transformative because it benefits the entire ecosystem--making crypto assets cheaper and easier to access," according to the report. Mack claims that he has been following and investing in digital currencies for several years, and he feels that Omega One is uniquely prepared to transform the industry. His investments in the startup were reportedly made via Venture One, a portfolio company which he backs privately. The goal of Omega One seems to be to push digital currencies into broader public view, making them more available and attractive to potential investors. Mack is currently the sole investor in this project, although his status as a finance legend will likely draw in other interest as time goes on.
"Bridge Between Traditional Capital Markets and the Crypto Markets"
According to Alex Gordon-Brander of Omega One, his company provides "the bridge between traditional capital markets and the crypto markets." Omega One, he says, "will provide everything from balance sheet intermediation and a trusted counterparty." He points to the "very first signs of institutional adoption of crypto markets" as a sign that his company has an interested and eager audience, as well as room in which to make an impact.
Analysts at Coin Telegraph suggest that Mack's move into the cryptocurrency space has been strategically timed, as the cryptocurrency market itself has grown and matured significantly over the past year and a half. With a clear sign that institutional investors are interested in entering the field, there remains a bit of mystery as to how these investors could best make use of their assets. This is where a company like Omega One could come in, or at least that's what Mack and the company's leaders hope. Regulation and education regarding the digital currency world are some of the largest barriers at this point. Experienced financial professionals like Mack may hope that their background in trading securities and assets of all kinds will allow them the benefit of being able to learn about and improve upon the way that cryptocurrencies are bought and sold, too.
Omega One will reportedly offer clients the opportunity to hold native tokens. It aims to launch via an ICO at some point later this year, after August and before December.