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JPMorgan, Citigroup, and Goldman Sachs have helped drive a $100 billion wave of blockchain investment since 2020, marking a decisive shift by TrafFi toward digital asset infrastructure.
That’s according to a new report released jointly by Ripple, CB Insights, and the UK Centre for Blockchain Technologies.
”The shift is undeniable: traditional finance is making a decisive move into the digital asset space,” the report said. ”It’s clear that the banking sector is taking blockchain seriously.”
The report, entitled ”Banking on Digital Assets,” analyzed more than 10,000 blockchain-related deals and surveyed over 1,800 finance leaders around the world to assess how traditional financial institutions are engaging with digital asset technology.
Wall Street Banking Giants Lead Blockchain Push
According to the report, global banks took part in 345 investments in blockchain companies between 2020 and 2024. Most of the deals were early-stage funding rounds, the report added.
Citigroup and Goldman Sachs participated in the highest number of those types of deals, with 18 each. Following closely were JP Morgan and Mitsubishi UFJ, with 15 such deals.
The report also found that there were deals that equated to $100 million or more, with banks contributing to 33 such deals in the 4-year time frame in focus. These investments were mainly in projects that focused on trading infrastructure, custody, payment solutions and tokenization.
TradeFi More Focused On Updating Legacy Rails Than Speculative Trading
The report’s findings suggest global banks are more interested in updating legacy payment rails and systems with blockchain and digital asset technology, and aren’t too interested in the speculative trading of retail-facing cryptos.
Prime brokerage services, once dominated by big banks, are evolving to bring institutions into DeFi with regulated clearing for derivatives, swaps, and crypto while unlocking trillions in trades.@bgarlinghouse returns for another round of Crypto In One Minute and breaks down… pic.twitter.com/6ZIobJThRm
— Ripple (@Ripple) July 25, 2025
Payment infrastructure drew the most investments, accounting for 25% of the deals, while 65% of the respondents said they are actively looking into digital asset custody. More than half of them said stablecoins and the tokenization of real-world assets are their top priorities.
Meanwhile, less than 20% of the respondents said they offer crypto trading or retail wallets.
According to Ripple, the findings of the report show that “real-world asset tokenization is entering the implementation phase.”
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