Crypto-Friendly Banks
According to a recent report by CoinGecko, two-thirds of the 30 biggest global banks support crypto trading through regulated exchanges. Additionally, around 74% of the top 50 banks worldwide also support crypto trading by connecting to regulated exchanges. However, none of these banks offer retail crypto trading or on-ramping from their native platforms.
Key Points:
– 66% or 20 out of the 30 biggest global banks by assets under management support crypto trading through regulated exchanges.
– The top four non-crypto-friendly banks are Chinese, managing over 20% of the total assets.
– China, although having outlawed cryptocurrency trading and investing on the mainland, is showing signs of warming up to crypto with Hong Kong opening up to large exchanges like Coinbase.
– The slow adoption of blockchain and crypto by big banks is attributed to regulations, volatility, and past exchange failures.
– Some UK banks are considered “crypto-friendly,” but recent restrictions on customer transactions to crypto companies may affect the accuracy of the report.
Hot Take:
The research by CoinGecko highlights the increasing support for crypto trading among global banks, although there are still limitations in terms of retail trading and on-ramping services. China’s stance on crypto is evolving with the opening of Hong Kong to large exchanges, indicating a potential shift in the country’s approach. However, regulatory hurdles and market volatility continue to hinder the integration of crypto trading into traditional banking systems.
By
By
By
By
By
By