In a landmark report, Bitcoin financial services firm River has revealed that 60% of the top 25 banks operating in the United States are either already offering or actively developing Bitcoin-related services. This includes offerings such as trading, custody, and Bitcoin-backed loans, marking a profound shift in the traditional banking sector's stance toward cryptocurrency.
The list includes major players like JPMorgan Chase, Wells Fargo, and Citigroup—three of the "Big Four" US banks. Combined, these three institutions hold over $7.3 trillion in assets, according to Forbes. Swiss banking giant UBS, which also operates in the US, is the latest addition, reportedly exploring Bitcoin (BTC) and Ether (ETH) trading for its wealthiest clients.
The shift was highlighted by Coinbase CEO Brian Armstrong, who noted after the Davos World Economic Forum that banking CEOs are becoming increasingly friendly toward crypto. "One CEO of a top 10 global bank told me crypto is their number one priority, and they view it as existential," Armstrong stated.
This institutional pivot is driven by several factors: growing customer demand, the regulatory clarity provided by the approval of spot Bitcoin ETFs, and the strategic need to attract younger clients and generate new revenue streams. However, not all banks are fully on board. Bank of America, the other member of the Big Four, along with Capital One and Trust Bank, have yet to announce any Bitcoin-related plans.
The move represents a significant departure from past skepticism, where some banks were accused of being anti-crypto or participating in efforts to "debank" crypto companies. Despite this progress, banks remain cautious about certain crypto aspects, such as yield-bearing stablecoins, which they view as potential risks to the financial system.
