Ripple: Banks Have Invested Over $100 Billion in Blockchain Infrastructure Since 2020
A new report, “Banking on Digital Assets,” jointly produced by Ripple, CB Insights, and the UK Centre for Blockchain Technologies, reveals significant investment by traditional banks in blockchain technology. The study analyzed over 10,000 blockchain deals and surveyed 1,800 global finance leaders, finding that over $100 billion has been invested globally in blockchain and digital asset initiatives between 2020 and 2024. This investment is driven by a belief, shared by 90% of surveyed finance leaders, that these technologies will significantly impact the financial sector within the next three years.
Traditional financial institutions participated in 345 blockchain deals globally during this period. Investment focuses primarily on payment infrastructure, followed by crypto custody, tokenization, and on-chain foreign exchange. Approximately 25% of investment targeted infrastructure providers supporting blockchain settlement and asset issuance. The report highlights a strong interest in digital asset custody, with 65% of bank respondents actively exploring it. Stablecoins and tokenized real-world assets are top priorities, exemplified by initiatives such as HSBC’s tokenized gold platform, Goldman Sachs’ GS DAP, and SBI’s work on quantum-resistant digital currency.
While consumer-facing digital assets are not an immediate focus for most banks (less than 20% offer crypto trading or retail wallets), the report emphasizes the infrastructural nature of this investment. Banks are leveraging blockchain to modernize cross-border payments, streamline balance sheet management, and reduce reliance on legacy systems. Ripple frames these findings as evidence of real-world asset tokenization entering the implementation phase.
Despite regulatory uncertainty and recent crypto market setbacks, the report indicates accelerating capital formation in the sector. Blockchain investment from traditional finance reached a post-FTX high in Q1 2024, with emerging markets like the UAE, India, and Singapore leading adoption. The report concludes that future institutional adoption will depend less on market hype and more on the quiet transformation of global finance infrastructure. Over two-thirds of surveyed banks expect to launch a digital asset initiative within three years, ranging from piloting tokenized bonds to building interoperable settlement layers for CBDCs and private stablecoins.
