Wall Street firms expand crypto services through ETPs
Bitwise reported 24 major financial firms offering spot bitcoin ETPs, custody, tokenized funds and crypto payments across banks, asset managers, exchanges and payment networks.
On May 8, Bitwise reported that 24 major financial firms are expanding crypto services within regulated finance. The firms are active in trading, custody, private funds, exchange-traded products (ETPs), payments and tokenization.
Exchange-traded products have become the most common entry point for institutional crypto exposure. Bank of America now allows Merrill wealth clients access to spot bitcoin ETPs, and Vanguard restored brokerage access to crypto ETPs after earlier restrictions. BlackRock, Fidelity, Franklin Templeton, Morgan Stanley, UBS and Wells Fargo also appear in the ETP category.
Institutional infrastructure work includes custody and market services. BNY Mellon has integrated digital asset custody into its core systems. Deutsche Bank expanded custody through a partnership with Taurus. Cboe, Charles Schwab, CME Group, DBS, Deutsche Börse, Goldman Sachs, HSBC, Interactive Brokers and the London Stock Exchange are listed for trading venues, listed products, custody or market infrastructure.
Several firms are testing tokenization and blockchain settlement. BlackRock is using its BUIDL fund to move institutional liquidity on-chain. Franklin Templeton has recorded fund activity on public blockchains. Bitwise plans a tokenized USCC fund it describes as its first tokenized fund. Banks offering token services include Citi Token Services, JPMorgan’s Kinexys, HSBC Orion, UBS uMINT and Société Générale FORGE.
Payments and settlement work is visible across banks and card networks. Citi, BNY Mellon, DBS, Deutsche Bank, HSBC, JPMorgan Chase, Mastercard, Société Générale, UBS and Visa are listed for crypto-enabled payments. Visa has explored stablecoin settlement infrastructure. Mastercard has developed a Multi-Token Network for blockchain-based financial services. DBS supports regulated digital asset services across trading, custody and tokenization.
Private crypto funds remain active but are listed less broadly than ETPs. BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo are shown as operating or supporting private funds. JPMorgan appears across all six categories tracked in the Bitwise chart.
Matt Hougan, Bitwise’s chief investment officer, wrote on X that “Eventually, every fund will be tokenized.”
The Bitwise chart maps pilots, partnerships and product launches connecting traditional finance firms with blockchain-based services. The data identify firms and service categories but do not include transaction volumes or client-level adoption figures.
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