According to a major study by Ripple in collaboration with CB Insights and the UK Blockchain Technology Centre, major banks are ramping up their investments in blockchain technology from 2020 to 2024.
Key Findings of the Study
Between 2020 and 2024, banks took part in 345 deals related to tokenization platforms, custody services, and payments infrastructure.
Citigroup and Goldman Sachs each completed 18 investments in blockchain startups, followed by JPMorgan and MUFG with 15 deals apiece.
The banks participated in 33 mega-rounds, each exceeding $100 million, targeting real-world asset tokenization, cross-border settlement tools, and trading platforms.
Bank-Specific Initiatives
Citigroup is actively developing cross-border payment capabilities and exploring its own stablecoins and tokenized deposit services.
JPMorgan is scaling its Onyx/Kinexys blockchain business and launching JPM Coin for institutional transfers.
Goldman Sachs is deep into evaluating stablecoins and expanding its blockchain infrastructure, reportedly considering spinning off its digital assets platform.
Importance of Changes for the Financial Sector
These developments mark a turning point — blockchain is becoming a strategic pillar for traditional banking through custody, tokenized assets, and digital money rails.
With Q1 2025 stablecoin volumes reaching $650-700 billion per month, banks are doubling down on programmable money and open finance infrastructure.
Boston Consulting Group and Ripple forecast that the value of tokenized assets could exceed $18-19 trillion by 2033, underscoring the future financial impact of tokenization.
The findings of the study highlight the growing significance of blockchain technologies in the traditional financial sector, potentially changing the approach to services and products in the coming years.
