Most of the world's 100 largest banks are exposed to cryptocurrencies

According to a recent survey by Block data, most of the world's 100 largest banks already embrace cryptocurrencies. Apparently, the era of banks fighting cryptocurrencies development is shifting to the famous: "if you can't beat them, join them."

Of the 100 largest banks, 55 are already exposed to cryptocurrencies or blockchain. Also according to the study, the form of exposure found is through investment in companies in the segment.

everybody wants a piece

It is possible that the new trend is not a union movement between cryptocurrencies and banks. It may actually be banking institutions wanting to have a share of this new market.

Major supporters of companies involved in cryptocurrencies and blockchain include Barclays, Citigroup, and Goldman Sachs. In addition to these big names, JPMorgan Chase & Co and BNP Paribas are also on the list.

Importantly, JPMorgan and Goldman Sachs were once harsh critics of Bitcoin and other cryptocurrencies. However, now they see opportunities in this market.

One of the big focuses of banks when investing in digital currency companies is custody. Cointelegraph claims that about 25% of the world's top 100 banks are developing custody solutions or investing in startups focused on that goal.

The report also lists three main factors behind banking appetite. The first was the high profits exhibited by the development of cryptocurrency-related startups, possibly related to the recent market boom.

The second was the regulatory advances made in recent months. Despite splitting opinions, for better or worse, the cryptocurrency market is becoming clearer territory.

Finally, the third reason is related to demand. Investors want exposure to cryptocurrencies through large banks. In this scenario, large banking institutions saw a scenario where it would be possible to profit from this demand.

In Brazil, Itau is an example of a banking institution that offers exposure to cryptocurrencies through Hashdex funds.

Another significant point involves profits and workforce application. Although it employs only 4% of the entire Goldman Sachs workforce, Coinbase owns half the market value of the banking giant.