A recent report indicates that large financial institutions are adopting blockchain technology and leveraging digital assets. According to the report shared by Blockchain Coinvestors, a fund of fund in the digital asset sector, over 50% of big finance already support or provide digital wallets, custody, or trading, and 40% support various forms of digital money.
Additionally, over 40% of the world’s top 50 institutions are active in digital asset issuance and distribution.
Coinvestors did not provide the list of institutions surveyed. However, it has scheduled a webinar later this month and says it will share the complete report at that time.
The document notes that jurisdiction plays a big role in how financial institutions are managing the transition to digital finance. Some jurisdictions are further along than others.
In China, 100% of major Chinese banks use digital wallets and digital money. In Japan, nearly all banks also offer digital wallets and digital money.
In the US, big financial institutions largely offer or support digital wallets, custody, trading, or ETFs in some form and are becoming active now in digital asset issuance and distribution. The approval of Bitcoin and Ethereum (Ether) ETFs has helped to propel adoption.
In Europe, almost 60% of large financial services support digital asset trading and wallets, and 40% participate in the issuance and distribution of digital assets.
Tokenization is also playing a role. Securitize’ collaboration with BlackRock is an example as digital securities are on the path to becoming the norm.
Blockchain Coinvestors Head of Digital Asset Research Topher Nelson says that while the perception that adoption has been slow the transition now dates to over a decade ago.
Digital assets have now become a campaign issue, with former President Donald Trump voicing his support for crypto. While Vice President Kamala Harris’ support is not as clear, it is hard to fight the inevitability of digital finance.
