The majority of the world's top banks are investing in cryptocurrency and blockchain startups, according to a new report.

According to a new survey from blockchain research firm Blockdata, more than half of the world's largest banks are investing in crypto and blockchain startups.

According to the organization, 55 of the top 100 banks in terms of assets under management (AUM) have direct or indirect stakes in crypto or blockchain-related enterprises.

Blockdata also identifies the most active banks based on the quantity of blockchain investments.

Barclays, a British universal bank, is at the top of the list, with 19 blockchain investments, followed by Citigroup, an American investment bank, with nine, Goldman Sachs, a global investment bank, with eight, JPMorgan Chase, a financial services and investment bank, with seven, and BNP Paribas, a French international banking group, with six.

According to the firm, roughly a quarter of the top-100 banks are interested in investing in the crypto custody area.

“Crypto custody is the most notable example of where banks are investing.

Many people can't ignore the potential cash streams and value of having a strong strategic position in the crypto economy, despite their outspokenness about how horrible Bitcoin is.

According to our research, 23 of the top 100 banks in terms of assets under management are developing or investing in custody companies.”

According to Blockdata, three major events persuaded many of the world's largest banks to begin offering crypto-related services to their customers.

• Seeing cryptocurrency exchanges become significantly more profitable or valuable than many banks with a fraction of their employees. This began in 2018, when Binance, the largest exchange at the moment, made $54 million more profit than Deutsche Bank, despite having only 200 employees compared to 100,000. Coinbase has outperformed Goldman Sachs in terms of valuation, despite employing only 4% of their workforce.
• Countless demands for Bitcoin solutions from their clients.
• In 2020, there will be a regulatory shift that will allow banks to offer crypto custody solutions.”

Share: