Blockdata – Over 50% of Top Banks are Gaining Exposure in Crypto & Blockchain Firms August 16, 2021 August 16, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsAugust 16, 2021 by Kelly Cromley

Blockdata – Over 50% of Top Banks are Gaining Exposure in Crypto & Blockchain Firms

According to a recent study from blockchain research company Blockdata, more than 50% of the world’s largest banks are investing in cryptocurrency and blockchain businesses.

According to the company, 55 of the top 100 banks in terms of assets under management (AUM) have interests in cryptocurrency or blockchain-focused companies, either explicitly or via affiliates.

Blockdata also identifies the most proactive institutions in terms of blockchain investments. British global bank Barclays leads the rundown with 19 blockchain investments, trailed by American banking behemoth Citigroup with nine, global equity market trading giant Goldman Sachs with eight, financial services provider JPMorgan Chase with seven, and France based global banking group BNP Paribas with six.

“According to the company, investment possibilities in the cryptocurrency custodial sector have lured almost a fifth of the top-100 banks. Cryptocurrency custodial service is the most prominent example of where institutions are investing. Although being outspoken about how terrible Bitcoin is, many people can’t disregard the prospective sources of income and the necessity of establishing a powerful strategic position in the cryptocurrency ecosystem. Notably, 23 of the world’s 100 banks by assets under management are developing custodial services or investing in businesses that do.”

According to Blockdata, three major events persuaded several of the world’s largest banks to begin offering cryptocurrency-linked services to their customers.

“ [1] Witnessing bitcoin exchanges with very less staff in comparison with banks becoming much more lucrative or worthwhile than several banks.

This began in 2018, when Binance, the top crypto platform at that time, made profit of $54 million more than Deutsche Bank, despite having only 200 workers vs 100,000.

Coinbase’s value recently eclipsed Goldman Sachs’, while employing just 4% of its workforce.

[2] Numerous demands from their customers for Bitcoin based services.

[3] A regulatory reform in 2020 that enables banks to provide cryptocurrency custodial solutions.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.