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Out of the top 100 banks by assets under management, 55 have invested in cryptocurrency and/or blockchain-related companies - either directly, or through subsidiaries. The most active investors based on the number of investments in blockchain companies are Barclays (19), Citigroup (9), Goldman Sachs (8), J.P. Morgan Chase (7) and BNP Paribas (6).
There are 3 main developments that convinced many of the top banks to start providing cryptocurrency, and primarily Bitcoin-related services: Seeing cryptocurrency exchanges with a fraction of their staff become substantially more profitable or valuable than many banks. This started as early as 2018, when Binance, the leading exchange at the time, recorded $54M more profit than Deutsche Bank, with just 200 vs 100k employees. More recently, Coinbase's valuation was higher than Goldman Sachs, with just 4% of their employees. Countless requests from their clients to provide Bitcoin solutions. A change in regulations in 2020 that allows banks to offer crypto custody solutions.
https://app.blockdata.tech/blog/general/banks-investing-blockchain-companies
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