According to recent research by CoinGecko, two-thirds of the 30 biggest global banks by assets under management (AUM) support crypto trading through regulated exchanges.
Furthermore, around 74% of the top 50 banks worldwide support crypto trading by connecting to regulated exchanges, the report added.
“However, none support retail crypto trading or on-ramping from respective native platforms.”
Crypto-Friendly Banks
It comes as no surprise whatsoever that the top four non-crypto-friendly banks are Chinese. They manage $19.87 trillion worth of assets which is over 20% of the total.
Cryptocurrency trading and investing are still outlawed on the mainland, with Beijing pushing its own programmable CBDC (central bank digital currency).
ADVERTISEMENT
However, China could be warming to crypto with Hong Kong opening up and inviting large exchanges such as Coinbase to set up in the city.
Furthermore, the subsidiaries of some of the largest Chinese banking institutions have reportedly either started offering their services to crypto businesses based in Hong Kong or reached out to them.
The report noted that the top 50 biggest banks in the world managed a combined $89.37 trillion worth of assets in 2023. The United States and China dominate this list, with 19 banks in the top 50 by AUM.
The report blamed the slow adoption of blockchain and crypto by big banks on regulations, volatility, and last year’s meltdown.
“Strict regulations, market volatility, and recent high-profile exchange failures like FTX have hindered the integration of crypto trading into these large banks.”
UK Banks and Crypto
The research also lists several U.K. banks as being “crypto-friendly.” However, several British banks, including two in that list, restricted customer transactions to crypto companies earlier this year, so the report may not be that accurate.
The research defined if a bank was crypto-friendly or not based on whether it “offered crypto trading or on-ramping services within the bank’s native platforms” or “the ability to connect a bank’s current account to a regulated crypto exchange.”
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
