Cryptocurrency NewsTwo Thirds of World’s Largest Banks Are Crypto-Friendly

Two Thirds of World’s Largest Banks Are Crypto-Friendly

Based on the latest research conducted by CoinGecko, it has been found that approximately two-thirds of the 30 largest global banks, ranked by assets under management (AUM), have shown support for crypto trading. These banks facilitate crypto trading activities through regulated exchanges, ensuring compliance with relevant regulations.

Additionally, the report highlights that around 74% of the top 50 banks worldwide have also embraced crypto trading. These banks have established connections with regulated exchanges to enable their customers to participate in cryptocurrency trading.

“However, none support retail crypto trading or on-ramping from respective native platforms.”

It’s not surprising that the top four banks with a negative stance towards cryptocurrencies are Chinese, given their management of assets worth $19.87 trillion, which represents over 20% of the total assets.

Currently, cryptocurrency trading and investing are prohibited on the mainland, as Beijing is promoting its own central bank digital currency (CBDC), which is programmable.

However, there are signs that China might be warming up to cryptocurrencies, especially with Hong Kong becoming more open and inviting large exchanges like Coinbase to establish a presence in the city.

In addition, subsidiaries of some major Chinese banks have reportedly begun offering services to crypto businesses in Hong Kong or expressed interest in doing so.

The research points out that the top 50 global banks managed a combined $89.37 trillion worth of assets in 2023, with both the United States and China dominating this list, contributing 19 banks each to the top 50 by AUM.


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