55% of the world’s top 100 banks invest directly or indirectly in encryption and blockchain
According to reports, more than half of the world’s top 100 banks with assets under management are investors in major companies and projects based on cryptocurrency and blockchain technology.
According to reports, global banking giants are increasing their participation in emerging cryptocurrency and blockchain companies by providing early and late funding for projects and companies in the industry.
According to a research by Blockdata, a blockchain market intelligence agency, 55 of the top 100 banks based on assets under management (AUM) have invested in this new technology in some form. According to reports, this involvement involves direct and indirect investments in cryptocurrency and decentralized ledger technology companies by the bank itself or through its subsidiaries.
Blockdata’s research lists Barclays Bank, Citigroup, and Goldman Sachs as the most active supporters of cryptocurrency and blockchain companies, and JPMorgan Chase and BNP Paribas have also been identified as serial investors in emerging fields.
According to a KPMG report, these investments are part of a larger trend for blockchain startups to receive significant support, and the number of financing has doubled from the amount recorded in 2020.
The research also shows that cryptocurrency custody is a major focus of banks’ in-depth research in the field of cryptocurrency. In fact, almost a quarter of the top 100 banks calculated by the scale of asset management are developing cryptocurrency custody solutions, or are supporting startups that provide custody services for digital assets.
As previously reported by Cointelegraph, several banks in the United States, Asia, and Europe are establishing cryptocurrency custody platforms as part of their initial involvement in cryptocurrencies.
Blockdata believes that banks are becoming more and more involved in cryptocurrency and blockchain. There are three main factors-the soaring profits of cryptocurrency startups, the progress of supervision and the increasing demand of bank customers for digital assets.
As early as May, NYDIG President Yan Zhao stated that the huge revenues of cryptocurrency trading giants such as Coinbase are making banks re-examine their initial silence on cryptocurrency participation.
Although the teams working for these major cryptocurrency companies are significantly smaller, this huge revenue potential.
As of press time, Coinbase is valued at 58.09 billion U.S. dollars, almost half of Goldman Sachs, the world’s 13th largest bank, even though its number of employees is only 4% of the latter.
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