HomePress CoverageWorld's top banks have 0.01% exposure to cryptos: report - Cardano...

World’s top banks have 0.01% exposure to cryptos: report – Cardano…

Hold the top banks in the world crypto assets valued at approximately $9 billion, according to on a report by the Basel Committee.

Nineteen of the world’s largest financial institutions participated in the study. Seven of the banks were from Europe, ten from America and two from the rest of the world.

The 19 banks that entered their data have an exposure of 0.14% cryptocurrency. Using global standards, banks’ exposure is a meager 0.01%.

However, the research noted that “as the crypto market is evolving rapidly, it is difficult to determine whether some banks have understated or overstated their exposures.”

Majority of investments in Bitcoin, Ethereum

The Basel Committee has determined this Bitcoin BTC/USD and ether ETH/USDor assets based on these two currencies make up the bulk of the exposure.

ether accounted for 22% of total exposure, while bitcoin accounted for 31%.

Other assets based on Bitcoin and Ethereum account for 25% and 10% of exposure, respectively.

Exposure to other cryptos includes Litecoin LTC/USD0.4%; Stellar XLM/USD0.4%; Cardano ADA/USD1 %; Speckle POINT/USD2 and ripple XRP/USD2%

Banks have also disclosed a small amount of tokenized assets and stablecoins like USD Coin.

The data is heavily influenced by the services provided by banks such as market making, clearing and custody.

The study showed that a small number of institutions owned the majority of the assets, and therefore cautioned that the conclusions may not reflect reality very accurately.

How far away are financial giants from cryptos?

While it seems that large financial institutions have invested only a bare minimum cryptocurrenciesDigital assets are in their early stages, with the world’s largest digital currency, Bitcoin, debuting just over a decade ago.

With a seemingly long road ahead, institutions have plenty of time to own a sizable chunk of cryptocurrencies.

Additionally, major banks considering investing in cryptocurrencies are letting the industry…

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