The world’s largest banks invest billions of dollars in crypto

[ad_1]

Crypto adoption has exploded in traditional and institutional circles over the past year, with the nascent market even reaching $ 2 trillion earlier this year thanks to billions of dollars in institutional and retail capital.

And that’s just the beginning. According to a recent report by crypto research firm Blockdata, more than fifty-five of the world’s largest financial institutions have already invested in crypto and blockchain-related startups.

The most active investors based on the number of investments in blockchain companies are Barclays (19), Citigroup (9), Goldman Sachs (8), JPMorgan Chase (7) and BNP Paribas (6), noted the firm, adding:

The investors active in the biggest rounds are Standard Chartered, BNY Mellon, Citigroup, UBS Group and BNP Paribas.

According to a separate report by Business Insider, Standard Chartered is an investor in the payment processor and issuer of XRP Ripple, the latter being investors like Bank of America and American Express.

BNY Mellon, another financial powerhouse, already offers crypto custodian services and has made strategic investments in Fireblocks, a digital asset infrastructure provider.

Who invests the most and where?

According to the report, Standard Chartered leads the biggest crypto checks with more than $ 380 million invested over six rounds. The bank is followed by BNY Mellon ($ 320.69 million over five rounds), Citigroup ($ 279.49 million over nine rounds), UBS Group ($ 266.2 million over five rounds) and BNP Paribas (236 , $ 05 million over nine rounds).

As for where the funds go, the candidate is rather predictable: Data shows that cryptocurrency custodians and storage services earn most investments from financial institutions, with 23 of the top 100 banks building custodial solutions or investing in companies that provide them.

Such services are integral to the growth of the larger space. The storage and security of its assets, although crypto is a fully owned peer-to-peer asset class, remains paramount when the value of said assets is in the billions of dollars.

Not everyone feels comfortable keeping full control of their wealth, especially companies or institutional investors who hold large amounts, Blockdata explained in its report. A ledger or a Trezor just doesn’t make a difference.

Get an edge in the crypto-asset market

Access more crypto information and background in each article as a paid member of CryptoSlate Edge.

Chain analysis

Price snapshots

More context

Register now for $ 19 / month Discover all the benefits

Like what you see? Subscribe for updates.

[ad_2]