Wall Street Banks Double Down on Blockchain Investments

Global banks have poured billions into blockchain startups between 2020 and 2024, with Citigroup, JPMorgan Chase, and Goldman Sachs leading the charge. A study of 1,800 financial institutions reveals 345 blockchain deals—including 33 mega-rounds—as traditional finance embraces digital assets.

The most active players were systemically important banks (G-SIBs), accounting for 106 investments. Fourteen deals exceeded $100 million, signaling institutional conviction in blockchain's future. Trading infrastructure, tokenization, and custody solutions attracted the most capital.

JPMorgan's blockchain ambitions crystallized through projects like Kinaxis, where it executed the first public transaction using tokenized U.S. Treasuries. Goldman Sachs and Citi have similarly built dedicated blockchain divisions, though neither bank has yet launched a consumer-facing crypto product.