Over Half of US Banks Set To Offer Bitcoin, New Research Shows — Here’s Who’s Still Out

Key Takeaways

• Bitcoin adoption is accelerating crossed U.S. banking.

• However, immoderate banks are inactive holding back.

• Bank of America precocious recommended that clients allocate up to 4% of their portfolios.

Nearly 60% of the largest banks successful the U.S. are either already offering Bitcoin-related services oregon expect to bash so, according to caller probe from Bitcoin fiscal services steadfast River.

The analysis, which reviewed Bitcoin custody, trading and related offerings among the apical 25 U.S. banks by assets, recovered that a increasing fig of institutions person launched products, announced plans, oregon are actively exploring ways to service clients seeking vulnerability to Bitcoin.

Several large U.S. banks person already launched BTC-related services, announced imminent plans, oregon restricted entree to prime lawsuit segments, River’s probe shows.

JPMorgan Chase has announced Bitcoin trading services, portion Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley connection Bitcoin vulnerability chiefly to high-net-worth clients.

U.S. Bank and BNY Mellon supply custody services to prime clients, marking immoderate of the earliest moves by systemically important banks into crypto safekeeping.

PNC Group stands retired arsenic 1 of the fewer banks to person launched some Bitcoin custody and trading services.

State Street and HSBC’s U.S. operations person announced custody plans, portion Charles Schwab and UBS (U.S.) person announced Bitcoin trading initiatives.

Other institutions stay successful exploratory stages.

Citigroup and Fifth Third are assessing some custody and trading offerings, portion respective banks are integrating Bitcoin entree indirectly, specified arsenic American Express done a Bitcoin rewards paper and USAA via speech integrations.

Despite the increasing momentum, a important number of ample U.S. banks person not yet announced Bitcoin-related products oregon plans.

River reported that 9 banks remained connected the sidelines, including:

• Truist Finance

• Bank of America

• TD Bank (U.S.)

• Capital One

• BMO Financial (U.S.)

• First Citizens

• Citizens Financial

• M&T Bank

• Huntington Bank

• Barclays (U.S.)

Even banks without nonstop Bitcoin products are softening their stance, arsenic shown by Bank of America’s caller proposal that clients allocate up to 4% of portfolios to cryptocurrencies.

Also, arsenic portion of the shift, Bank of America announced plans to initiate sum of 4 U.S.-listed spot Bitcoin exchange-traded funds, including products from Bitwise, Fidelity, Grayscale and BlackRock. 

The ETFs supply nonstop vulnerability to Bitcoin and were approved by U.S. regulators past year.