Two major financial institutions, each managing over $1 trillion in assets, have approved crypto-related products this summer, according to Bitwise CEO Hunter Horsley. The move marks a notable shift in traditional finance’s stance on digital assets, even as broader crypto markets remain in a prolonged downturn.
The approval follows a steady expansion of crypto services by banks and financial firms since 2017, with Swissquote, DBS, and BBVA among the earliest adopters. More recently, institutions such as BNY Mellon, Nubank, and LGT have introduced crypto custody and trading options, reflecting growing institutional interest.
Bitwise’s Horsley highlighted that client demand and evolving regulatory clarity have accelerated banks’ willingness to engage with crypto. “This year everyone just put on the crypto jersey,” he said, noting that financial institutions now actively support rather than resist digital assets.
Fabian Dori of Sygnum, a financial services provider, said banks have transitioned from viewing crypto as a threat to embracing it as a strategic opportunity. He described the shift as a “fundamental change” in the relationship between traditional finance and digital assets.
Nathan McCauley of Anchorage Digital, a custodian and blockchain infrastructure firm, pointed to the convergence of traditional and decentralized finance. “We’re quickly headed towards a world where there isn’t ‘traditional finance’ and ‘decentralized finance,’” he said. “There’s just ‘finance.’”
Despite the approvals, Bitwise has not disclosed the identities of the two institutions or details about the scope of their crypto offerings. The lack of specificity has left some aspects of the developments unclear, including client access and implementation timelines.
Written by Oliver Grant
Markets Desk
