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- Ripple’s report shows banks funneled billions into blockchain, chasing tokenization and digital custody trends.
- Regulatory clarity pushed banks toward crypto services and platform investments.
Traditional financial institutions have invested more than $100 billion into blockchain companies from 2020 through 2024, according to a new report from Ripple, CB Insights, and the UK Centre for Blockchain Technologies. The report shows a banking sector shifting its focus toward blockchain, fueled by investor demand, new regulatory support, and rapid advances in tokenized finance.
Banks made 345 deals during 2020-2024, including 33 mega-rounds of more than $100 million. The most active countries in bank-led investment were the United States and Japan, followed by Singapore, France, and Britain. SBI Group and Goldman Sachs were high-frequency investors.
The shift is happening: banks are investing in blockchain.
➡️$100B+ invested in blockchain companies since 2020
➡️$700B/month in stablecoin volume
➡️$18T projected in tokenized assets by 2033Our latest report with @CBInsights and @UKCBT_org uncovers how financial…
— Ripple (@Ripple) July 29, 2025
Tokenization Projects Attract Billions, Says Ripple
JP Morgan Chase, Goldman Sachs, and other major institutions backed firms focusing on tokenization, payments, and digital custody. CloudWalk, a fintech company based in Brazil, raised $757 million over two funding rounds with support from Banco Itaú, BTG Pactual, and Banco Safra. The company is expanding its payments services beyond Brazil and into the U.S.
In Germany, SBI Group led a $104 million investment in Solaris. Solaris supports banks and other institutions in offering digital asset trading and has launched a regulated security token platform in Germany. SBI later acquired a majority stake in Solaris, showing a longer-term focus on digital asset infrastructure.
A notable case was the New York Digital Investment Group (NYDIG), which raised $1 billion in 2021 from Morgan Stanley, MassMutual, and New York Life to build out its bitcoin platform. Although NYDIG’s presence declined by 2024, Morgan Stanley went on to introduce Bitcoin ETFs alongside BlackRock and Fidelity after the SEC approval.
Institutional Demand Driving Blockchain Expansion
According to Ripple’s 1,800 global finance survey, 90% are confident that blockchain and digital assets will significantly impact finance within three years. Ripple’s research estimates the tokenized asset market could grow to over $18 trillion in 2033.
Stablecoin volume hit $700 billion per month in early 2025, and investment in stablecoins is expected to grow 10-fold relative to 2024. In the meantime, real-world adoption persists through initiatives like HSBC’s blockchain-backed gold token, expanded in 2024 to retail consumers in Hong Kong.
Regulatory clarity is enabling banks to move quickly. The U.S., EU, Dubai, and Singapore regulatory authorities have developed frameworks that facilitate digital asset experimentation while dealing with consumer protection. The U.S. Senate’s approval of the GENIUS Act in June 2025 announced federal oversight of the stablecoins, helping to resolve longstanding uncertainty.
A standardized Digital Token Identifier (DTI) that was introduced in 2021 also assisted in aligning digital tokens with conventional systems. Over 2,000 tokens have already been issued with DTI codes, thus enabling the simplified tracing and administering of tokenized assets on various platforms. As the report states,
Continued collaboration between regulators and the private sector will be vital to ensure digital asset ecosystems flourish at scale.
While Tier-1 banks are still the primary players in the blockchain investment market, smaller banks are increasingly joining the space. Ripple reports that during 2022, 11% of community banks in the United States signaled their intentions to introduce a crypto-asset offering. With the growth of tokenization, new tools and entry points are allowing all types of banks to react to evolving customer expectations.
