Invesco Appoints New Head of Digital Assets
Invesco, an asset management giant overseeing $1.8 trillion in investments, has appointed Kathleen Wrynn as the new global head of digital assets, a role underscoring the firm’s expanding focus on cryptocurrency.
Wrynn’s Background and Responsibilities
Wrynn, who comes from a robust background in blockchain at JP Morgan Chase, will be responsible for managing Invesco’s significant digital asset portfolio, exceeding $1 billion in value. This new position is aimed at advancing the firm’s efforts in the digital space, including the tokenization of their funds and the integration of cryptocurrencies into investment strategies, according to a statement from the company shared with Decrypt.
Invesco currently manages $1.6 billion in digital asset exchange-traded funds (ETFs), which includes three funds dedicated to the Blockchain and Crypto Ecosystem and three focused on Global Spot Cryptocurrency ETFs. Wrynn’s experience at JP Morgan, where she led blockchain product development aligned with the Web3 ecosystem, positions her well to spearhead these initiatives at Invesco.
Trends in Institutional Investment
This strategic hiring aligns with a broader trend where institutional investors are increasingly exploring involvement in the cryptocurrency market. A recent report from Coinbase revealed that 60% of surveyed Fortune 500 companies are either investing in or developing blockchain solutions. Furthermore, Chainalysis’ upcoming ‘2024 Geography of Cryptocurrency Report’ highlights that around 70% of crypto transactions in North America involve transfers over $1 million, reflecting substantial institutional interest in this space.
Growth of Cryptocurrency Adoption
Additionally, over the past year, more than 120 public corporations that previously had no association with cryptocurrencies have begun to build Bitcoin treasuries, as noted by Bitcointreasuries.net. Several of these entities are also eyeing other digital currencies like Ethereum, Solana, and XRP. The shift towards embracing cryptocurrencies has coincided with supportive policy initiatives from U.S. officials, including former President Donald Trump, who endorsed measures aimed at promoting cryptocurrency rights and finding ways for the U.S. Treasury to establish a strategic Bitcoin reserve.
Edited by James Rubin
