Banks that have the most investments in cryptocurrency and blockchain companies
55% of the world’s 100 leading banks by assets under management are investing either directly or indirectly in companies related to digital currencies and blockchain. According to analytics company Blockdata, 13 of the world’s largest banks are pushing roughly $3 billion in funding so far into crypto and blockchain companies. These 13 banks lead in terms of the size of funding rounds as a proxy of investment into the blockchain space. They are as follows:
- Standard Chartered: $380 million & 6 investments
Investments of the Standard Chartered bank include blockchain network Ripple, whose XRP token has a capitalization of around $48 billion, making it the sixth-largest cryptocurrency by market value. It is also an investor in Cobalt, which is a trading technology provider based in the UK.
- BNY Mellon: $321 million & 5 investments
BNY’s investments include Fireblocks, whose platform allows financial institutions to issue, move & store cryptocurrencies. Banks have been investing the most in the area of crypto custody, or services under which companies look after their clients’ digital assets for a fee, said Blockdata. It found 23 of the top 100 banks are either building their own custodial technology or integrating a tech provider’s product into their own systems.
- Citibank: $279 million & 14 investments
The fourth-largest bank in the US by assets has invested in SETL, whose ledger technology is used to move cash & other assets.
- UBS: $266 million & 5 investments
The Swiss banking heavyweight’s lineup includes Axoni, whose technology is used to modernize infrastructure in capital markets.
- BNP Paribas: $236 million & 9 investments
The French financial group was working with Digital Asset to develop real-time trade & settlement applications using smart contracts based on the DAML programming language.
- Morgan Stanley: $234 million with 3 investments
One of its investments is NYDIG, a crypto custody firm & the bitcoin subsidiary of Stone Ridge, a $10 billion alternative asset manager.
- JP Morgan Chase: $206 million & 8 investments
ConsenSys, an ethereum software company, has received backing from the largest bank in the US.
- Goldman Sachs: $204 million & 8 investments
Goldman Sachs has invested in Coin Metrics, which provides blockchain data to institutional clients.
- MUFG: $185 million & 6 investments
Japan’s Mitsubishi UFJ Financial Group has invested in Coinbase, the US cryptocurrency exchange that went public in April, & in Bitflyer, a Tokyo-based cryptocurrency exchange.
- ING: $170 million & 6 investments
The Dutch multinational has invested in HQLAx, a blockchain liquidity management platform.
- BBVA: $167 million & 5 investments
The Spanish bank’s list of investments includes Covault, used to store, share & verify identities.
- Nomura: $146 million & 5 investments
One of the companies this Japanese bank is backing is Quantstamp, a blockchain security firm.
- Barclays: $12 million & 22 investments
The British multinational’s investments include RealBlocks, a tech platform that connects advisors & investors to alternative investment managers.