A major study by Ripple, in collaboration with CB Insights and the UK Blockchain Technology Centre, reveals that Citigroup, JPMorgan Chase, Goldman Sachs, and Japan’s SBI Group have emerged as the most prolific traditional finance players investing in blockchain startups over the 2020–2024 period.

Key Findings

  • 345 blockchain investments: Between 2020 and 2024, banks took part in 345 deals across tokenization platforms, custody services, and payments infrastructure.

  • Citigroup & Goldman Sachs in the lead: Each completed 18 blockchain startup investments, followed by JPMorgan and MUFG with 15 deals apiec.

  • 33 mega-rounds: These banks participated in high-stakes financings—over $100 million each—targeting real-world asset tokenization, cross-border settlement tools, and trading platforms.

Ripple’s survey of 1,800+ financial executives shows that 90% anticipate blockchain or digital assets will have a “significant or massive” impact on finance within the next three years—indicating a strategic industry shift into Web3 technologies.

Bank-Specific Initiatives

  • Citi: Actively developing cross-border payment capabilities and exploring its own stablecoin and tokenized deposit services.

  • JPMorgan: Scaling its Onyx/Kinexys blockchain business and launching JPM Coin for institutional transfers.

  • Goldman Sachs: Deep into evaluating stablecoins and expanding blockchain infrastructure—reportedly considering spinning off its digital assets platform.

Why This Matters

  • Institutional embrace of blockchain: These developments mark a turning point—no longer experimental, blockchain is becoming a strategic pillar for traditional banking through custody, tokenized assets, and digital money rails.

  • Stablecoins and tokenization surging: With Q1 2025 stablecoin volumes reaching $650–$700 billion per month, banks are doubling down on programmable money and open finance infrastructure.

  • Tokenized real-world assets (RWAs): Boston Consulting Group and Ripple forecast tokenized asset value could top $18–19 trillion by 2033, underscoring tokenization’s future financial impact.

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