The world’s largest banks, including Barclays, Citigroup and Goldman Sachs, are expanding their involvement in the cryptocurrency and blockchain industry through funding projects and businesses in the industry.
According to a study by Blockdata, 55 of the world’s 100 largest banks by assets under management interact in one way or another with the blockchain and cryptocurrency industries. Their involvement includes direct and indirect investments in cryptocurrency and decentralized ledger technology companies, according to the researchers. Funding comes both from the banks themselves and through subsidiaries.
Blockdata researchers note that Barclays, Citigroup and Goldman Sachs are the most active in supporting the work of cryptocurrency and blockchain-related companies, while JPMorgan and BNP Paribas are named as serial investors in the emerging industry. KPMG analysts also note a significant increase in investor interest in the blockchain and cryptocurrency industry, and emphasize that investors have a much better understanding of the industry.
Blockdata explains the growing investment of banks in the sector by three main factors: the skyrocketing profits of cryptocurrency startups, advances in regulation and the growing demand among bank customers for access to digital assets. Recall that this week in a regular letter to investors, the management of the American cryptocurrency exchange Coinbase reported that in the second quarter of 2021, the platform received income of $ 2.03 billion.
