Citigroup, JPMorgan Chase, Goldman Sachs, and Japan’s SBI Group have become key players in providing traditional financial support to blockchain startups, as outlined in a recent report by Ripple, in collaboration with CB Insights and the UK Blockchain Technology Centre.
From 2020 to 2024, global banks participated in 345 investments in blockchain companies, predominantly in early-stage funding rounds. Citigroup and Goldman Sachs stood out with 18 transactions each, while JPMorgan and Mitsubishi UFJ closely followed, making 15 investments.
A significant highlight was the mega-round investments exceeding $100 million. During this period, banks contributed to 33 of these rounds, investing in companies focused on trading infrastructure, tokenization, custody, and payment solutions.
Some notable examples include Brazil’s Cloudwalk, which secured over $750 million in two rounds with backing from Banco Itaú and other investors. Meanwhile, Germany’s Solaris raised more than $100 million from the SBI Group, which later became a target for majority acquisition.
G-SIBS Engage in Over 100 Transactions
Globally Important Banks (G-SIBS) conducted a total of 106 transactions, including 14 mega-rounds—each exceeding $100 million—highlighting their significant roles in the market.
While US and Japanese banks led in trading volumes, Singapore, France, and the UK were also notably engaged. In total, from 2020 to 2024, over $100 billion was invested in blockchain startups across more than 10,000 transactions globally.
A survey by Ripple involving over 1,800 global finance leaders revealed that 90% believe blockchain and digital assets will significantly impact the industry in the next three years.
This growth is bolstered by recent regulatory advancements, including the EU’s crypto assets (MICA) framework and the establishment of US national innovation laws.
Banks Embrace Stablecoins
The rising interest in practical blockchain applications is driving investment trends. According to a Citi report, stablecoin volumes reached between $650 billion and $700 billion per month in the first quarter of 2025, with more banks developing their own stablecoins to provide programmable money without volatility risks.
Tokenization is set to be a vital trend moving forward. Estimates from Boston Consulting Group and Ripple suggest that the market for tokenized real-world assets could exceed $18 trillion by 2033, with an impressive annual growth rate of 53%.
