37 World Banks Support Crypto Transfers: CoinGecko Study

• The study by CoinGecko found that 74% of the world’s largest banks support the transfer of funds from bank accounts to major crypto exchanges such as Coinbase, Binance and OKX.
• None of the 50 biggest global banks currently offer retail crypto trading or on-ramping services from their native platforms.
• All 13 banks that do not allow connections between bank accounts and crypto exchanges are based in China, which has an anti-crypto stance.

CoinGecko Study Finds Major Banks Support Crypto Exchanges

A new study by digital asset data aggregator CoinGecko has found that nearly 75% of the world’s largest 50 banks support the transfer of client funds to major cryptocurrency exchanges. The two criteria used to determine a bank’s level of “crypto-friendliness” were whether they offer crypto trading services and whether they allow customers to connect their bank account to a major exchange like Coinbase, Binance or OKX.

37 out of 50 Banks Allow Bank Account Connections

According to the research, 37 out of 50 (74%) biggest global banks by assets under management in 2023 support crypto trading through connecting to regulated crypto exchanges such as Binance and Coinbase – allowing seamless transfers of funds from bank accounts. However, none currently provide retail crypto trading or on-ramping services within their respective native platforms. Among the largest banks that allow account connections are JPMorgan Chase and Bank of America (US), HSBC (UK) and Mitsubishi UFJ Financial Group (Japan).

China Has Anti-Crypto Stance

Notably, all 13 banks that do not permit account connections with crypto exchanges are based in China – a country with an infamously anti-crypto stance. In 2013, People’s Bank of China banned financial institutions from making transactions in virtual currencies and outlawed all forms of crypto transactions and mining in 2021..

Crypto Adoption Growing Among Banks

The CoinGecko report reveals that adoption for cryptocurrencies is growing among large financial institutions around the world. This could potentially open up access to digital assets for millions more users who may have previously been unable due to lack or resources or regulations preventing them from doing so.

Conclusion Overall, this study shows that many large banks are beginning to embrace cryptocurrencies as a legitimate asset class – providing customers with access to some familiar banking features when dealing with digital currencies. While there remains much room for improvement when it comes to offering comprehensive suite services related to cryptocurrencies through traditional banking platforms, progress is being made nonetheless towards mainstream adoption.