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Financial institutions are holding for a portion of the growing $2 trillion digital currency space with the 5 largest banks across the globe pushing approximately $3 billion in funding so far in the digital currency and blockchain entity as per a report. So in this article, we are going to have a look at those 5 cryptocurrency investing banks.
Top 5 Cryptocurrency Investing Banks
The most smooth peer-to-peer (P2P) transfer of money by eliminating the requirement of intermediaries, Bitcoin, and other digital currencies have certainly made a great impact. The idea of crypto custody has undeniably received traction in the recent years, which has seen an overwhelming portion of investment from the giants in the financial sector.
Banks and the governance system had been quite vocal regarding opposing the emergence of digital currency but could not ignore the huge potential of unparalleled gain of weight. The system of revenue generated by the digital currency has made banks across the globe offer digital currency a second thought.
Some of the famous banks have boarded the train to impinge themselves in the crypto space and have invested millions of dollars last year. Here is the list of the top 5 cryptocurrency investing banks that are associated with digital currency in one way or another. So without any further delay, let us begin with the companies investing in cryptocurrency.
Standard Chartered
As per many significant industry observers, Standard Chartered, which is a London-based bank, has made a gigantic amount of investment that is worth $380 million in digital currency. Ripple, which is a predominant blockchain network, gained huge investments from this bank. As per the revealed data, the XRP token is anticipated to have an enormous capitalization of close to $48 billion. This is what made XRP become the 6th biggest digital currency in terms of market value.
Along with that, Standard Chartered Bank is an active investor and functions toe-to-toe with its rival Barclays. It has also made investments in Cobalt which allows the users with a market framework in foreign exchange markets and virtual assets. Cobalt is a UK-based company that is involved in offering trading technology and a P2P network which dissolves the risks significantly.
Citibank
The second name on the list of cryptocurrency investing banks is Citibank. Citibank has made an investment in a versatile, open-source, and interoperable technology provider, “SETL”. The investment of the bank has been predicted to be a total of $279 million, according to the latest statistics. SETL assures a highly secured digital custody and allows seamless tokenization. It also provides payments and the securities market by enabling them with the aerodynamic distributed ledger elements. This technology is among the one-of-a-kind that has proved to be of high help for business developers and analysts as they gain effective access to the full sandbox.
Citibank’s compelling investment in SETL is productive enough as the technology provider creates networked solutions internally. It can easily be implemented for custody or payments purposes. Fit to be deployed across institutional environments, SETL is fully scalable, secured, and features reliable components. Citibank avails of such benefits and uses the platform in the secured movement of cash, among other assets.
Morgan Stanley
With a complete investment of $234 million, Morgan Stanley is yet another leading bank that has made heavy investments in digital currency. It has invested in NYDIG, which is broadly famous as a Bitcoin company that combines institutional-grade transactions with developing technologies. NYDIG focuses on bringing forth a completely latest scenario of completely new financial items. They offer services to their partners by giving dynamic solutions that allow them to develop their unique products from scratch, such as Bitcoin. This is positioned in the third among the various investments in the crypto bank list.
JP Morgan Chase
One of the cryptocurrency investing banks in the United States, and has made an investment of $206 million in digital currency so far. It has also made its investments in ConsenSys, a New York-based Bitcoin entity. The company hosts a range of blockchain items, that include MetaMask and Infura. It is an Ethereum Software entity that exclusively constructs applications, and its participation has also been seen in DeFi, DAOs, and NFTs. So if you wonder about the banks buying Ethereum, then this is the one.
Nomura
The last but not the least name on the list of cryptocurrency investing banks is Nomura. It is a financial services entity that has created a substantial investment in digital currency, which has been predicted to be nearly $146 million in 2021. Its investment in Quantstamp is believed to be among the prominent investments in terms of digital currency.
Quantstamp asserts to be the leader in security and blockchain solutions along with successfully safeguarding decentralized internet. Its partners have gained significant advantages from its impenetrable blockchain security. This company has also successfully shielded $200 billion virtual assets from the widespread reach of hackers.
Conclusion
With the fame and popularity of digital currencies, their rate of adoption has also increased. From organizations to institutions, various bodies have started to make investments in crypto, and that too in huge numbers. In the above article, we have discussed the top 5 cryptocurrency investing banks whose investments have made huge contributions in the crypto space.
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