Banks have argued that cryptocurrency would be a threat to the finance industry.
Now, more than 55% of the world’s top 100 banks are investing in the crypto and blockchain space!
Blockdata is the company that compiled a list of the 13 banks that have invested the most in crypto and blockchain to date but I’m going to give you 6 of the biggest banks.
Jamie Dimon, the chief executive of JP Morgan Chase has called Bitcoin a “terrible” store of value that was also being used for illicit purposes, via. The New York Times.
And in case you were wondering, yes JP Morgan Chase is on the list.
Keep reading to see what they’re invested in.
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But first, I want to thank RizoStonks on Twitter for sharing this list with me.
I see you brother.
#1. Standard Chartered – $380 million and 6 investments
This international bank invests in Ripple, or XRP token.
XRP has a current market cap of around $55.5 billion dollars and has earned the #6 spot on coinmarketcap.com.
This digital asset is built for secured payment processing.
#2. Citibank – $279 million and 14 investments
The fourth-largest bank in the US by assets is invested in SETL.
SETL is using ledger technology for securities markets and safer payments.
Citi’s global head of foreign exchange Itay Tuchman said, “I don’t have any FOMO because I believe that crypto is here to stay and that we are just at the very beginning of the market,” via. Financial Times.
#3. Morgan Stanley – $234 million with 3 investments
One of Morgan Stanley’s investments is NYDIG.
NYDIG is a Bitcoin company that seeks to offer financial products such as Bitcoin accounts, rewards, and loyalty programs.
Sounds like such a bank thing to invest in if you ask me.
The bank is offering Bitcoin to it’s client through the Grayscale Bitcoin Trust, a Bitcoin ETF.
#4. JP Morgan Chase – $206 million and 8 investments
JP Morgan is invested in Consensys blockchain technology.
Consensys is an Ethereum based company that enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web.
Key point, provides access to the decentralized web.
JPMorgan rolled out access to four funds from Grayscale Investments and one from Osprey Funds: Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust and Osprey Bitcoin Trust, via. CNBC.
#5. Goldman Sachs – $204 million and 8 investments
This bank is invested in Coin Metrics, a blockchain company who is providing financial advice in a decentralized economy.
Like Morgan Stanley, Goldman Sachs is going to be offering Bitcoin to it’s richest clients.
#6. Barclays – $12 million and 22 investments
Barclays is invested in RealBlocks, a technology platform that connects advisors and investors to alternative investment managers.
It’s essentially a networking platform that allows asset managers to grow their investor base.
Banks Are Now Embracing Crypto
Digital payment technology is forcing banks to pivot.
They felt their power dissipating in this new decentralized economy and now want to gain control again.
For many years banks struggled with ideas on how to regulate cryptocurrency.
Now the banking industry is racing to catch up.
They want to participate in this new world and profit from it.
I guess you can say they feel like us wishing we’d had purchased bitcoin when it was worth $0.03 in 2010…
I was a sophomore in high school, what’s your excuse? 😂
Regardless, I feel like cryptocurrency in general is only going to continue to multiply in value.
I personally use Coinbase to purchase cryptocurrency.
I’m not invested in any ETF yet.
Cryptocurrency Will Democratize Finance
Cryptocurrency has distributed power away from the government and from Wall Street.
Retail investors finally have a chance at multiplying their investments without financial institutions having an advantage over them like in stock investing.
And if you’re interested to read how high some of these cryptocurrencies are predicted to go, check out this list here.
The potential upside is massive!
Despite what mainstream media or skeptics say about cryptocurrency today, just remember this..
They’ve been bashing it for a decade.
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I’d be remiss if I didn’t point out that while their CEO does bash crypto JP Morgan Chase recently came out with a valuation of BTC feeling it’s real value is $35k but could go to $146k in the coming 12-24 months if we experience any number of economic downturns. So, skme of the soulless sociopaths that comprise that firm get it.
I feel I am betraying myself by leaving a comment in defense of the bank founded by the man who snuffed our only real chance at democratic socialism in the U.S. (and if you think that’s a bad thing you’re more brainwashed than you’d like to believe), but Pierpont did fund genius come incredible asshole Edison, so there’s that.