More than half of the world’s major banks are investing in cryptocurrency and blockchain businesses, according to a recent analysis by blockchain research firm Blockdata.
According to the business, 55 of the top 100 banks in terms of assets under management (AUM) have direct or indirect holdings in cryptocurrencies or blockchain companies.
Blockdata also recognises the institutions that are the most forward-thinking when it comes to blockchain investments. Barclays, a British global bank, leads the list with 19 blockchain investments, followed by Citigroup, an American banking behemoth, with nine, Goldman Sachs, a global equity market trading behemoth, with eight, financial services provider JPMorgan Chase, with seven, and BNP Paribas, a French global banking group, with six.
“Investment opportunities in the bitcoin custodial sector have enticed about a fifth of the top-100 banks, according to the business. The most visible example of where institutions are investing is in cryptocurrency custodial services. While many people are loud about how bad Bitcoin is, they can’t ignore the potential sources of revenue and the need of developing a strong strategic position in the cryptocurrency ecosystem. Notably, 23 of the top 100 banks in the world by assets under management are developing or investing in custodial services.”