Irish Banks Make Massive $10.27 Billion Bet on Cryptocurrencies

"BCBS Unveils Crypto Engagement of Member Banks: North American Institutions Lead with 10 Disclosing Investments, European Banks Follow Suit with 7 Exposing Exposures"

BCBS Discloses Cryptocurrency Investments Among Member Banks

The Bank for International Settlements (BCBS) has recently unveiled the extent of cryptocurrency engagement among its member banks. After implementing a new crypto data collection template over the past five years, the BCBS has received investment disclosures from several financial institutions. The data reveals that North American banks are leading the way, with ten entities reporting their investments, followed by seven European banks.

The investments made by these banks are diversified across various digital currencies. Bitcoin and Ethereum are the most prominent cryptocurrencies in their portfolios, accounting for 31% and 22% respectively. Additionally, investment instruments related to Bitcoin and Ethereum constitute an additional 25% and 10% of the total investments.

XRP, another major cryptocurrency, represents €188 million or 2% of the total investment. Interestingly, two banks hold over half of this exposure, while four others hold nearly 40% of it. The banks’ portfolios also include other cryptocurrencies such as Polkadot (DOT), Cardano (ADA), Solana (SOL), Litecoin (LTC), and Stellar Lumens (XLM). Furthermore, stablecoins and tokenized assets make up nearly 90% of the reported exposures by these institutions.

In a significant development for cryptocurrency adoption within traditional banking systems, Banco Santander (BME:SAN) has taken a step forward by facilitating transactions in Bitcoin and Ethereum for its clients in Switzerland. This move by Banco Santander signals a growing acceptance of digital currencies as legitimate financial instruments among established financial entities.

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Martin Reid

Martin Reid

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