Bank stocks making big cryptocurrency investments.
Bitcoin prices are back above $45,000, and cryptocurrencies have been one of the hottest investments in the market since the beginning of 2020. Crypto bulls believe the decentralized nature of blockchain technology will allow cryptocurrencies to completely disrupt traditional financial institutions and banks over time. A new report from Blockdata found that major banks aren’t ignoring the cryptocurrency threat any longer. In fact, 55 of the 100 largest banks in the world by assets under management have already invested in crypto — either directly or by backing blockchain-oriented companies. Here are seven bank stocks that are aggressively investing in cryptocurrencies and crypto technology.
Standard Chartered Ltd. (ticker: SCBFY)
Standard Chartered is one of the largest British multinational banks and financial services companies, managing about $789 billion in assets. Blockdata estimates Standard Chartered has made a total of $380 million in blockchain investments, more than any other major bank. The bank holds Ripple Labs Inc., Cobalt, Dianrong, Metaco SA and LinkLogis Inc. In June, Standard Chartered announced a new joint venture between its SC Ventures innovation arm and BC Technology Group Co. Ltd. to launch a cryptocurrency brokerage and exchange in Europe and the U.K. Crypto bulls may want to consider buying the dip in Standard Chartered bank stock.
Bank of New York Mellon Corp. (BK)
Among U.S. banks, Blockdata...
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