06.12.2021

What part of the world’s banks are involved in the development of cryptocurrencies and blockchain?

According to a recent study by the analytical platform Blockdata, 55 of the top 100 banks in terms of funds under management are involved in the development of the crypto market in some way. We are talking about direct and indirect investments, the study of innovations, as well as the purchase of crypto startups.

The global banking giants are gradually pouring into the cryptocurrency industry through investments in crypto startups and digital assets themselves.

Note that the participation of large banks in the digital asset industry is a reality that is already happening. As we learned the day before, the American cryptocurrency exchange Coinbase announced a collaboration with PNC Bank, which is the fifth in the ranking of US commercial banks in terms of assets under management.

This means that at the moment bank representatives are working on new solutions for the institution. And as analysts suggest, as the niche of digital assets develops, there will be more and more services related to cryptocurrencies in banks.

Bitcoin banks signboard

Bitcoin and banks

Indirect evidence for this theory is already known. For example, in May, sources announced the desire of the management of the Goldman Sachs bank to provide rich clients with the opportunity to profit from the change in the value of cryptoassets. You can bet on the future value of BTC using futures contracts. Read more about the topic in a separate article.

Banks keep pace with the times

A Blockdata study ranked banks Barclays, Citigroup and Goldman Sachs among the most active supporters of financial innovation, with JPMorgan and BNP Paribas also among the organizations monitoring the digital asset market. According to Cointelegraph journalists, there is a clear tendency in the world towards a gradual merging of the interests of the banking sector and the future of the cryptocurrency market.

Goldman Sachs Bitcoin Cryptocurrency

Goldman Sachs Bank

The study also shows that crypto custody is the mainstream for banks delving into the crypto space. Nearly a quarter of the top 100 banks either develop custody solutions or support startups offering custody services for digital assets.

Напомним, кастодиальными услугами называют доверительное хранение актива клиента по его указанию. По сути в будущем банки смогут зарабатывать на криптовалютах именно за счёт продажи монет пользователям и их хранения. Поэтому сейчас повышенное внимание представителей финансовых организаций к цифровым активам неудивительно: всё же они не могут пойти против трендов, а предпочитают на них зарабатывать.

Аналитики Blockdata связывают растущий интерес банков в крипте и блокчейне с тремя основными факторами — стремительным ростом прибыльности криптовалютных стартапов, достижениями в области регулирования инноваций и спросом среди клиентов этих самых банков на доступ к механизмам вложений в цифровые активы. А значит по сути они не только одобряют происходящее в индустрии монет в данный момент, но и отмечают его развитие с точки зрения отношения регулирующих органов.

Как видим, развитие Биткоина и других криптовалют может вполне успешно совпадать с интересами представителей традиционной финансовой системы. Более того, BTC уже приобретает роль не “разрушителя”, а “трансформатора” мнений о том, какой именно должна быть глобальная экономика будущего.

We believe that the trend in the world of finance is now forming quite clearly. As the cryptocurrency market continues to grow, the industry will attract more and more users, which in turn will force banks to accelerate. And when the latter create the infrastructure for working with digital assets, the development of the niche will occur even during bearish cycles. Under such conditions, mass popularization of the crypto will be a more feasible step than it is today.

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