• Two-thirds of the world’s largest banks are crypto-friendly, according to a recent research by CoinGecko.
• 74% of the top 50 banks worldwide support crypto trading by connecting to regulated exchanges.
• Chinese banking institutions have reportedly started offering their services to cryptocurrency users.
Crypto-Friendly Banks
Recent research has revealed that two thirds of the 30 biggest global banks by assets under management (AUM) support crypto trading through regulated exchanges like Binance and Coinbase. Furthermore, around 74% of the top 50 banks worldwide also support crypto trading by connecting to these regulated exchanges. However, none of these banks currently offer retail crypto trading or on-ramping from their respective native platforms.
Chinese Banks Not Crypto Friendly
It comes as no surprise that the top four non-crypto friendly banks are Chinese, managing $19.87 trillion worth of assets which is over 20% of the total. Cryptocurrency trading and investing are still outlawed in mainland China, with Beijing pushing its own programmable CBDC (central bank digital currency).
China Warming Up To Crypto
However, there may be signs that China is warming up to cryptocurrency as Hong Kong opens up and invites large exchanges such as Coinbase to set up in the city. Additionally, some subsidiaries of some of China’s largest banking institutions have reportedly already started offering their services to cryptocurrency users.
Banking Institutions‘ Support Of Crypto Trading Growing
The growing number of banking institutions that support crypto trading is indicative that there is an increased acceptance for digital currencies among traditional financial players globally. This indicates a potential shift towards greater institutional adoption in the future and could help drive mainstream adoption for cryptocurrencies even further in the near future.
Conclusion
It appears that more and more traditional financial players are warming up to cryptocurrencies and supporting crypto trading through various means which could open up new opportunities for broader adoption in the future.