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Banks and TradFi firms expand approved crypto product access

CoinDesk reports two financial institutions, each managing over $1 trillion, approved crypto products during the summer, signaling broader institutional distribution even in a bear market.

Reported · Written up by our desk · Market Structure

CoinDesk reports that large financial firms are increasingly embracing digital assets by partnering with crypto specialists to build custody and trading infrastructure, effectively narrowing the gap between traditional finance and decentralized finance.

According to CoinDesk, Bitwise CEO Hunter Horsley said the shift shows big institutions are expanding client access even during a bear market, and he described the industry change from the prior “long bitcoin, short the bankers” stance to banks working to enable crypto distribution.

CoinDesk also cited Sygnum Chief Investment Officer Fabian Dori, who said banks have moved from resisting digital assets to building, enabling, or distributing them via custody, tokenization, and regulated trading, driven by client demand and clearer rules rather than a temporary cycle.

CoinDesk listed earlier bank and finance entrants into crypto over recent years, including Swissquote adding bitcoin trading in 2017, DBS in 2020, BBVA in 2021, and BNY Mellon launching institutional crypto custody in 2022, with more expansions noted through 2024.

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