crypto currency news

7 Bank Stocks Investing in Cryptocurrency

Bank stocks making big cryptocurrency investments.

Bitcoin prices have returned above $ 45,000, and cryptocurrencies have been the hottest investment in the market since the beginning of 2020. Crypto Bills believes that the decentralized nature of blockchain technology will allow cryptocurrencies to destroy traditional financial institutions and banks over time.

Standard Chartered Ltd. (ticker: SCBFY)

Standard Chartered is one of the leading British multinational banking and financial services companies, managing approximately ً 789 billion in assets. BlockData estimates that Standard Chartered has invested a total of $ 380 million in Blockchain, more than any other major bank.

Bank of New York Mellon Corp.

Among US banks, Block Data estimates that Bank of New York has been the most aggressive in investing in cryptocurrencies. The company is the oldest US bank and specializes in asset service and management. It currently has about ً 470 billion in assets under management. BNY Mellon has made a blockchain investment totaling 321 million. The bank’s investments include projects such as Fireblocks, HQLAx, R3 and Fnality International. Back in February, BNY Mellon also announced that it would begin financing Bitcoin and other cryptocurrencies, and would phase out the integration of cryptocurrency into its custodian bank network.

Citigroup Inc.

Citigroup is one of the largest banks in the United States with 2.26 trillion in assets under management. The bank has invested an estimated $279 million in at least 14 different cryptocurrency projects, including BUCK, Chain, SETL, Axoni, Cobalt, Digital Asset, HQLAx, R3, Komgo and Symbiont. In June, Citi launched the Digital Assets Group, a new unit in its asset management division.

UBS Group AG

UBS is a Swiss investment bank with $1.13 trillion in assets under management. The company has also made cryptocurrency investments totaling an estimated $266 million. Those investments include Axoni, R3, Fnality International and ConsenSys. In July, the UBS global wealth management team warned investors to “stay clear” of cryptocurrencies, urging investors to build portfolios around less risky assets.

BNP Paribas ADR (BNPQY)

The France-based BNP Paribas is the largest French banking group and has roughly $3.08 trillion in assets under management. BNP has already made at least nine cryptocurrency investments, including Digital Asset, HQLAx, METRON, R3, TradelX, Komgo and Token. Those investments total an estimated $236 million. In March, BNP Global Chief Investment Officer Edmund Shing detailed a number of reasons Bitcoin is both an attractive and an extremely risky investment.

Morgan Stanley (MS)

Morgan Stanley is one of the largest U.S. investment banks and has about $1.12 trillion in client assets. Morgan Stanley has only made three major cryptocurrency investments in NYDIG, R3 and Securitize, but those investments total an estimated $234 million. In March, Morgan Stanley became the first major U.S. investment bank to offer wealthy clients access to Bitcoin investment funds.

JPMorgan Chase & Co. (JPM)

JPMorgan Chase is the largest US bank with 3.39 trillion in assets under its management. Block data estimates that JPMorgan has invested a total of $ 206 million in cryptocurrencies. Bank investments include Axoni, ConsenSys, Digital Asset, R3 and HQLAx. In 2017, influential JPMorgan CEO Jamie Damon called the bitcoin a “fraud” and said “it won’t end well.”

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button