Institutional investors lost interest in crypto after 2022 and even with this year’s uptrend, their appetite for it hasn’t come back yet, according to Northern Trust’s head of digital assets and financial markets.
Justin Chapman told CNBC’s “Crypto World” at the Digital Assets Week conference in San Francisco that institutions have shifted their focus to cryptocurrencies‘ underlying blockchain technology, but that his firm “has capabilities” in place should client interest in crypto assets rebound.
“Just after March the crypto market went off a cliff… the client interest has definitely gone off the same cliff in terms of institutional interest in in cryptocurrencies,” he said.
“It’s definitely quiet now, since 2022, from the institutional side,” he continued. “Before that, we were seeing traditional fund managers looking to launch crypto funds, ETPs in Europe, which is the equivalent of ETFs in the U.S. — that’s really gone quiet. Even the hedge funds, who are pretty active in the markets, have certainly reduced their exposure within that particular space.”
Meanwhile, leaders from the biggest financial institutions gathered at the San Francisco conference were energized when it came to the blockchain technology – specifically its potential to help tokenize real-world assets like gold for clients.
The “evolution of the technology” is moving into a “better place” in terms of support from market participants, Chapman said.
“As a firm, we have capabilities that sit there to administer [crypto trading] functions, but it’s a pretty quiet market at the moment and [after] most of the issues we had last year, we haven’t seen a rebound at all on the institutional side yet,” he said.
Specifically, Northern Trust partnered with Standard Chartered in 2020 to launch Zodia, a crypto custodian for institutional investors.
Bitcoin has gained almost 75% this year after losing 64% in 2022. Trading was still to begin the year, with volatility falling to historic lows. The regulatory crackdown in the U.S. been a dark cloud over the industry while the banking crisis has helped push bitcoin’s price higher. Both have brought volatility back to the market. Even as bitcoin currently struggles to break above the $30,000 level, investors agree it remains in a long-term uptrend.
“We’re not focused that much on the asset class because the client isn’t at the moment,” Chapman said. “So we’re not seeing that appetite to have that within their portfolios. If that changes, as a firm, we can account for those capabilities. But it’s certainly lost its shine from the institutional perspective.”
Waymo announced it is now offering teen accounts for its self-driving car service Waymo One, beginning in Phoenix, Arizona.
Courtesy of Waymo
Waymo announced Tuesday that it is offering accounts for teens ages 14 to 17, starting in Phoenix.
The Alphabet-owned company said that, beginning Tuesday, parents in Phoenix can use their Waymo accounts “to invite their teen into the program, pairing them together.” Once their account is activated, teens can hail fully autonomous rides.
Previously, users were required to be at least 18 years old to sign up for a Waymo account, but the age range expansion comes as the company seeks to increase ridership amid a broader expansion of its ride-hailing service across U.S. cities. Alphabet has also been under pressure to monetize AI products amid increased competition and economic headwinds.
Waymo said it will offer “specially-trained Rider Support agents” during rides hailed by teens and loop in parents if needed. Teens can also share their trip status with their parents for real-time updates on their progress, and parents receive all ride receipts.
Teen accounts are initially only being offered to riders in the metro Phoenix area. Teen accounts will expand to more markets outside California where the Waymo app is available in the future, a spokesperson said.
Waymo’s expansion to teens follows a similar move by Uber, which launched teen accounts in 2023. Waymo, which has partnerships with Uber in multiple markets, said it “may consider enabling access for teens through our network partners in the future.”
Already, Waymo provides more than 250,000 paid trips each week across Phoenix, the San Francisco Bay Area, Los Angeles, Atlanta, and Austin, Texas, and the company is preparing to bring autonomous rides to Miami and Washington, D.C., in 2026.
In June, Waymo announced that it plans to manually drive vehicles in New York, marking the first step toward potentially cracking the largest U.S. city. Waymo said it applied for a permit with the New York City Department of Transportation to operate autonomously with a trained specialist behind the wheel in Manhattan.
Indian Prime Minister Narendra Modi arrives at the White House to meet with U.S. President Donald Trump on Feb. 13, 2025 in Washington, DC.
Andrew Harnik | Getty Images News | Getty Images
Elon Musk’s X said Tuesday that the Indian government ordered the company to block 2,355 accounts, including Reuters, in the country.
“The Ministry of Electronics and Information Technology demanded immediate action- within one hour- without providing justification, and required the accounts to remain blocked until further notice,” X’s global government affairs account posted.
The main Reuters account, along with ReutersWorld, was blocked Saturday for users in India, the news service said. Screenshots showed the message “Account withheld @Reuters has been withheld in IN in response to a legal demand.”
The Indian government’s Press Information Bureau told Reuters that no government agency had required blocking the account and said it was working with X to resolve the issue. The accounts were restored on Sunday.
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The statement by X on Tuesday is the latest development in an ongoing censorship legal battle between Musk’s social media site and the Indian government led by Prime Minister Narendra Modi.
X sued Modi’s government in March, accusing India’s IT ministry of unlawfully expanding online censorship to allow the easier removal of content.
Musk often refers to himself as a free speech absolutist and has said his takeover of Twitter was partly due to what he viewed as the unfair restriction of conservative views and voices.
The Tesla CEO swiftly made changes to moderation after he acquired the site, which he later renamed to X.
Robinhood CEO Vlad Tenev says it’s not “entirely relevant” that the trading platform’s so-called tokenized shares of OpenAI and SpaceX aren’t technically equity in the companies.
It comes after OpenAI raised concerns about the product, which is designed to give users in the European Union exposure to various U.S. stocks — including private companies, which are less liquid than publicly listed firms.
OpenAI last week warned that Robinhood’s stock tokens do not represent equity in the company and said in a post on X that, “any transfer of OpenAI equity requires our approval — we did not approve any transfer.”
Robinhood says its OpenAI stock tokens are “enabled by Robinhood’s ownership stake in a special purpose vehicle.”
“It is true that these are not technically equity,” Tenev, who co-founded Robinhood in 2013 with fellow entrepreneur Baiju Bhatt, told CNBC’s “Squawk Box Europe” Tuesday, echoing his initial response to OpenAI’s concerns.
Tenev said that OpenAI’s complex company structure enables institutional investors to gain exposure to the company through “various instruments, like equity upon the event of a conversion to a for-profit at a later date.”
OpenAI was initially founded as a non-profit organization. However, it has since evolved to include a for-profit entity, which is owned by the non-profit.
“In and of itself, I don’t think it’s entirely relevant that it’s not technically an equity instrument,” he said. “What’s important is that retail customers have an opportunity to get exposure to this asset” — even if it’s a private company — due to the disruptive nature of AI, he added.
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On Monday, the Bank of Lithuania, which is Robinhood’s lead authority in the European Union, told CNBC it was “awaiting clarifications” regarding the structure of the company’s stock tokens following OpenAI’s statement last week.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” Bank of Lithuania spokesman Giedrius Šniukas told CNBC. “The information for investors must be provided in clear, fair, and non-misleading language.”
Tenev said in response to the Lithuanian regulator’s comments that Robinhood is “happy to continue to answer questions from our regulators.”
“Since this is a new thing, regulators are going to want to look at it, and we’ve built this program in a way that we believe will withstand scrutiny — and we expect to be scrutinized as a large, innovative player in this space,” he told CNBC.