Banks still show interest in digital assets and DeFi amid market chaos
The cryptocurrency sector is the Wild Wild West in comparison to traditional finance, yet a number of banks are showing interest in digital assets and decentralized finance (DeFi). This year in particular has been notable for banks exploring digital assets.
Most recently, JPMorgan (NYSE:) demonstrated how DeFi can be used to improve cross-border transactions. This came shortly after BNY Mellon (NYSE:) — America’s oldest bank — announced the launch of its Digital Asset Custody Platform, which allows select institutional clients to hold and transfer (BTC) and Ether (ETH).
Source: BNY Mellon 2022 Survey of Global Institutional Clients