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Blockdata has compiled a list identifying the 13 banks that have made the largest investments in blockchain and cryptocurrency companies.
Coinbase, Ripple and NYDIG received financial support from large banks.
55% of the 100 largest banks in the world are investing in crypto and blockchain.
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According to Blockdata, financial institutions are trying to grab a piece in the $2 trillion cryptocurrency market. 13 of the largest banks worldwide have invested approximately $3 billion so far into crypto and blockchain companies.
In a new report, the data firm published this week a list 13 banks that led in terms of funding rounds size as a proxy for investment in the crypto space. It said that it used that measure because banks participated in funding rounds that included multiple investors or other investors.
Standard Chartered, a London-based company, leads the list with $380million in valuation for the funding rounds in the which it participated. Barclays, a rival London-based bank, ranks as the most active investor based upon the number of investments made in blockchain companies.
Blockdata discovered that 55% of the 100 largest banks in the world by assets under management invest directly or indirectly into companies and projects related digital currencies and blockchain.
This is a proxy for investment: Here are the top 13 banks by funding round size.
1. Standard Chartered - $380 Million and 6 Investments
The bank has invested in Ripple's blockchain network, whose XRP token, which is valued at around $48 billion according to Coinmarketcap.com. This makes it the sixth-largest cryptocurrency market value. It is also an investor in Cobalt (a trading technology provider) based in the UK.
2. BNY Mellon: $321 million and 5 investments
Fireblocks is on BNY's list. This platform allows financial institutions store, issue and move cryptocurrencies. Blockdata stated that banks have invested the most in crypto custody. This is where companies take care of their clients' digital assets, and they charge a fee. Blockdata found that 23 of the 100 largest banks either built their own custodial technology, or integrated a product from a tech provider into their systems.
3. Citibank - $279 Million and 14 Investments
The fourth-largest US bank by assets has made investments in SETL. Its ledger technology is used for moving cash and other assets.
4. UBS - $266 Million and 5 Investments
Axoni is a Swiss banking heavyweight whose technology is used for modernizing infrastructure in capital markets.
5. BNP Paribas – $236 Million and 9 Investments
Digital Asset was working with the French financial group to develop real-time settlement and trade applications using smart contracts based upon the DAML programming language.
6. Morgan Stanley - $234 Million with 3 Investments
NYDIG is one of its investments. It is a crypto custody company and the bitcoin subsidiary Stone Ridge, an alternative asset manager worth $10 billion.
7. JP Morgan Chase – $206 million and 8 Investments
ConsenSys, a company that makes ethereum software, received support from the US's largest bank.
8. Goldman Sachs – $204 million and 8 investments
Its clients include Coin Metrics, which provides blockchain data to institutional clients.
9. MUFG - $185 Million and 6 Investments
Japan's Mitsubishi UFJ Financial Group invested in Coinbase, a US cryptocurrency exchange, which went public in April. Bitflyer is based in Tokyo.
10. ING - $170 Million and 6 Investments
Dutch multinational has backed HQLAx - a blockchain liquidity management platform.
11. BBVA - $167 Million and 5 Investments
Covault is a Spanish lender and its technology is used for storing, sharing, and verifying identities.
12. Nomura - $146 Million and 5 Investments
Quantstamp is a security company that uses blockchain technology and is one of the Japanese banks backing.
13. Barclays - $12 Million and 22 Investments
RealBlocks is a technology platform that connects investors and advisors to other investment managers. It is part of the British multinational's portfolio.
