This Bank Has The Most Investments In Crypto-Related Projects News

This Bank Has The Most Investments In Crypto-Related Projects

Author's avatar Clout News Desk

Time icon August 15, 2021

The world of decentralized finance is slowly coming to the mainstream and has turned into a multi-billion industry, as per recent data from Coin Gecko. With cryptocurrencies and blockchain networks catching steam, traditional banks and institutional investors have also jumped in to get a piece of this revolution in finance.

DeFi is a popular new ongoing revolution that aims to take the world of finance away from centralized banks, exchanges, and brokers. It utilizes blockchain-based currencies and contracts in its operations. The cryptocurrency market cap alone touches $1.9 Tn.

Which Bank Is It?

According to Blockdata, a global analytics company, more than 50% of the world’s Top 100 Banks (by AUMs) are investing in crypto-related projects.

Be it Goldman Sachs giving their HNI clients advice on cryptocurrencies or be it JP Morgan being bullish on Bitcoin, the banks have become increasingly favorable towards cryptocurrencies. But which bank is the biggest supporter and investor in crypto and blockchain-based projects out of them all?

Blockdata report also reveals that 13 of the world’s largest banks have pumped roughly $3 billion in funding so far into cryptocurrency and blockchain companies. The biggest contributor amongst them all is the London-based bank Standard Chartered.

Which Crypto Projects Has Standard Chartered Invested In?

Standard Chartered has made 6 investments in the cryptocurrency and blockchain space costing $380 Million. It has a significant stake in the Ripple blockchain network.

The XRP token of the Ripple blockchain is the sixth-largest in the world in terms of market cap.

The bank also invested in a trading tech service provider, Cobalt.

Other Banks

Coming in next to Standard Chartered Bank is BNY Mellon which has invested in 5 DeFi sector projects totaling $321 Million.

Other banks on the top 13 lost are CitiBank, UBS, Morgan Stanley, JP Morgan Chase, Goldman Sachs, MUFG, and ING. Barclays has made a small $12 Million investment but its pool is more diversified compared to its counterparts. Barclays has funded (partially) 22 crypto and blockchain projects alone while the average investments of the top 13 banks fall at 7.

Do you think Standard Chartered will continue its funding towards DeFi projects in the future as well? Or is another bank going to boost up its investments in the crypto space and overtake the top spot? Tell us in the comments

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