Citigroup JPMorgan Goldman Sachs lead blockchain bank investments globally

Citigroup, JPMorgan Chase, and Goldman Sachs have emerged as the leading global banks in blockchain investment, according to a report published by Ripple in collaboration with CB Insights and the UK Centre for Blockchain Technologies. The analysis, which examined over 1,800 banks between 2020 and 2024, revealed that traditional financial institutions are increasingly engaging with blockchain technology, shifting from cautious observation to active participation in the digital asset ecosystem [1].

Over the four-year period, global banks collectively participated in 345 blockchain investments, with 33 classified as mega-rounds. Global systemically important banks (G-SIBs) accounted for 106 of these investments, including 14 mega-deals exceeding $100 million. Citigroup and Goldman Sachs each secured 18 investment deals, closely followed by JPMorgan Chase and Japan’s Mitsubishi UFJ Financial Group with 15 each [1].

The report indicates a strategic focus on early-stage investments, particularly seed and Series A rounds, reflecting banks’ interest in identifying and supporting startups aligned with their long-term digital strategies. The most funded blockchain applications include institutional trading, tokenization infrastructure, cross-border payments, and digital asset custody [1].

JPMorgan Chase has taken a proactive approach, piloting its Kinexys blockchain platform and conducting the first public blockchain transaction using tokenized U.S. Treasuries in collaboration with Chainlink and Ondo Finance. Meanwhile, both Goldman Sachs and Citigroup have formed multiple blockchain partnerships to explore tokenized assets and enhance capital market infrastructure [1].

Notable blockchain platforms have attracted significant backing from major banks. Partior, a real-time cross-border payment system, raised $111 million in a Series B round in 2024, with JPMorgan and Standard Chartered as key investors. Another example is HQLAx, a Luxembourg-based blockchain securities finance solution, which secured investments from five G-SIBs, including Goldman Sachs, JPMorgan, and Citigroup [1].

The report also highlights a broader trend among banks—favoring strategic partnerships and investments over full acquisitions. This approach reflects a cautious yet increasingly confident engagement with blockchain innovation. Although the FTX collapse in 2022 and broader market instability led to a dip in deal activity in 2022 and 2023, there was a noticeable rebound in 2024, with deal values rising despite a drop in transaction numbers [1].

Regulatory developments in major markets such as the U.S., EU, UAE, and Singapore are cited as contributing factors to this resurgence. The Boston Consulting Group estimates that tokenized real-world assets could exceed $18 trillion in value by 2033 [1].

In parallel, smaller regional banks are beginning to enter the space, often through fintech collaborations and utility platforms. A 2022 U.S. survey cited in the report found that 11% of community banks planned to offer crypto-asset services [1].

The report concludes that banks are now poised to scale blockchain solutions beyond pilot projects, signaling a maturing approach to digital assets in traditional finance.

Source: [1] Citigroup, JPMorgan Chase, and Goldman Sachs led blockchain investments among global banks (https://coinmarketcap.com/community/articles/688fe408b3afd664ab382f82/)