From 2020 to 2024, TradFi participants invested more than $100 billion in blockchain companies. The most active players included SBI Group, Goldman Sachs, Citigroup, and JPMorgan.
According to a joint report by Ripple, CB Insights, and the UK Centre for Blockchain Technologies, the largest players in traditional finance, participated in 345 funding rounds for blockchain companies between 2020 and 2024, most of which were early-stage investments.
The total investment volume in blockchain companies during this period exceeded $100 billion across more than 10,000 deals. The biggest deals included:
- $1 billion from MassMutual, New York Life, and Morgan Stanley invested in the development of New York Digital Investment Group (NYDIG);
- $312.95 million invested by Banco Itaú in Brazilian FinTech startup CloudWalk;
- $104 million raised by German Solaris from Japan’s SBI Group.
Investment activity was concentrated in the U.S., Japan, Singapore, France, and the U.K. TradFi participants showed the greatest interest in projects in the following areas:
- institutional infrastructure for trading, staking, and asset tokenization (27%);
- payment solutions (24%);
- custodial solutions for digital asset storage (21%).
Systemically important banks (G-SIB) played a special role, accounting for 106 deals, including 14 funding rounds totaling over $100 million. Citigroup and Goldman Sachs were the most active investors in this group, each completing 18 deals. Financial giants JPMorgan Chase and Mitsubishi UFJ Financial Group each participated in 15 funding rounds.
The report also indicates that major TradFi players moved from occasional pilot projects to full integration of blockchain technologies into their business models. Notable projects include:
- HSBC launched a gold tokenization project for retail clients in Hong Kong in March 2024 and conducted a pilot quantum-safe security transaction project;
- JP Morgan Chase completed the first public blockchain transaction for settlement of tokenized U.S. Treasury bonds in partnership with Chainlink and Ondo Finance;
- Morgan Stanley implemented instant international currency settlement capabilities for its corporate and institutional clients.
Key drivers positively influencing TradFi’s growing blockchain activity include:
- Regulatory clarity. The adoption of key regulations such as the GENIUS Act in the U.S. and MiCA in the EU, as well as licensing via VARA in Dubai, significantly reduced legal uncertainty and simplified market entry for banks in digital assets.
- Growing demand for stablecoins. According to Citi, transaction volumes reached $650–700 billion per month in Q1 2025, prompting more banks and FinTech companies to develop their own stable assets.
- RWA tokenization. Analysts predict the RWA market could grow 50-fold by 2030, stimulating early infrastructure investments.
- Technological innovations. Development of quantum-safe security solutions, smart contracts, and multi-currency payment platforms that accelerate operations and reduce costs for banks.
- Increased client trust. Around 90% of surveyed global financial leaders expect blockchain technologies to significantly impact the industry within the next three years.
JPMorgan announced a partnership with cryptocurrency exchange Coinbase, potentially enabling crypto integration into traditional banking services.
