Blockzeit
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
Buy Crypto
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Business
blockchain 3206624 1920

blockchain 3206624 1920

JP Morgan, Citi Bank, and Signature Bank among the Top Banks Eyeing Blockchain and Cryptocurrency

Tom Nyarunda by Tom Nyarunda
August 13, 2021
in Business
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

At least 55 of the 100 leading financial institutions are integrating blockchain technology and cryptocurrency into their existing financial systems. The banks’ moves to embrace cryptocurrencies aim to attract potential investors who deal millions of dollars in digital assets.

According to research by Blockdata, at least 55 of the leading 100 banks globally have some interest in blockchain and cryptocurrency. Most of the banking giants have participated in various funding rounds for startups in the nascent sector. The report showed Barclays, Citigroup, Goldman Sachs, J.P. Morgan Chase, BNP Paribas, and Signature Bank as the most active institutions in the industry. Nonetheless, Standard Chartered, BNY Mellon, and Citigroup were actively involved in the funding rounds.

Three main reasons for engaging in crypto

A similar report by KPMG showed the investments were part of a growing trend for funding blockchain startups whose figures doubled in 2020. The study showed that most banks delving into the crypto scene were especially interested in crypto custody. Up to 25% of the banks involved were either backing startups interested in digital service custodial services or creating crypto custody solutions. 

There are already several banks in Asia and the United States that are actively involved in crypto custody services as an entry wedge into the cryptocurrency industry. As per the Blockdata study, the three main reasons banks were getting engaged in the crypto sphere included:

  • Huge profits by cryptocurrency startups.
  • A growing number of customers are seeking crypto-related services.
  • Advances in cryptocurrency regulations.  

NYDIG president Yan Zhao noted last May that the enormous revenues that Coinbase and similar cryptocurrency trading giants were amassing had made banks rethink their position on cryptocurrency involvement. With an asset base of at least $58.90 billion, Zhao noted that Coinbase was valued at close to half of Goldman Sachs with a minor team. Coinbase employs only about 4% of Goldman Sachs workforce, the 13th biggest bank in the world. 

The ironic about-turn

Silvergate, one of the first banks to join the cryptocurrency foray, has over 600 institutional investors and 76 cryptocurrency exchanges on board. The bank posted over 90,000 crypto-based transactions in 2020 with a volume of over $59 billion. The bank said that was about a 530% increase in transactions compared to the last quarter of 2019. The bank’s chief strategy officer Ben Reynolds said:

“New customers bring in lots of non-interest-bearing deposits for the bank, while transactions bring in fee income.”

This new trend shows that banks that couldn’t touch cryptocurrency with a ten-foot pole are now shrugging off their hesitancy. Most banks spent years warning their customers against dealing with cryptocurrency and Bitcoin in particular. The ironic about-turn is among the latest evolutions in the blockchain and cryptocurrency space. 

1a49ddd7 d169 48a0 a252 3fc3a2ad01bb 1
Tom Nyarunda

Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

Previous Post

The Dollar Dominance: Can CBDC’s End the Exorbitant Privilege?

Next Post

Cardano’s Alonzo Purple Upgrade To Be Released on September 12

Related Posts

LBRY, Inc. versus US SEC; image source: cryptonews.com

US SEC Loses Securities Claim Over LBRY Case And This Is Significant For The Ripple Lawsuit

by Rickie Sanchez
February 3, 2023
0

The US Securities and Exchange Commission admitted that the sale of tokens in the secondary market are not considered as...

Dukascopy (DUK+)

4 Years Later: Where is Dukascopy Bank and its Duk+ Crypto? 

by Vincent Munene
February 3, 2023
0

Dukascopy Bank, a Swiss bank, officially launched its own token Dukascopy (DUK+) In 2019. This was the first ever cryptocurrency...

Binance x Mastercard

Binance & Mastercard To Launch Crypto Card In Brazil

by Rickie Sanchez
February 1, 2023
0

Launching in Brazil, the Binance debit card is another step towards widespread adoption of cryptocurrencies. The cryptocurrency industry's leading exchange,...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

Start making money with crypto.

Buy Here
No Result
View All Result
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.