Major banks like Citigroup, JPMorgan, Goldman Sachs, and Japan's SBI Group are investing heavily in blockchain startups.
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A new report from Ripple, CB Insights, and the UK Blockchain Technology Centre indicates that these banks have invested $345 million in blockchain startups between 2020 and 2024.
Citigroup and Goldman Sachs topped the investment list with 18 deals each, while JPMorgan and Mitsubishi UFJ each recorded 15 deals. Most of these investments were in early-stage companies, demonstrating banks' enthusiasm for new blockchain ideas.
Banks are betting heavily on the future of blockchain technology.
The report covers 33 mega-deals, each valued at over $100 million, focusing on trading tools, tokenization, custody, and payments.
For example, Brazilian company CloudWalk raised over $750 million with the help of Banco Itau, and German company Solaris secured over $100 million from SBI Group. Large banks, known as G-SIBs, executed 106 transactions, including 14 mega-transactions, demonstrating their seriousness in adopting blockchain technology.
Over $100 billion has been invested in blockchain startups across 10,000 transactions globally in just a few years. Ripple surveyed 1,800 financial leaders, and 90% of them said blockchain technology will revolutionize the financial sector by 2028. New US and European regulations, such as the GENIUS Act and MiCA, are simplifying banks' entry into the space.
T$BTC
Stablecoins have seen tremendous growth, with between $650 and $700 billion in monthly transactions expected by early 2025, according to Citi. Banks are even creating their own stablecoins. Ripple and the Boston Consulting Group predict that the value of tokenized assets will reach $18 trillion by 2033, a value that is rapidly increasing.