Recent research has revealed that there are more crypto-friendly banks across the globe than previously thought.
Cryptocurrency trading and investing are still outlawed on the mainland, with Beijing pushing its own programmable CBDC .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.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.”The research also lists several U.K. banks as being “crypto-friendly.” However, several British banks, including two in that list,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.”
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