Cryptocurrencies and Banking: From Enemy to Ally?

Cryptocurrencies and banks: from enemies to allies?

Bitcoin launched in 2009 as an alternative to the banking system. Satoshi Nakamoto coded the famous headline into the genesis block: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." In 2026, the situation is more complex: banks are not enemies but increasingly participants in the crypto ecosystem.

Banks' crypto integration

Custody services

Major banks offer crypto custody to their institutional clients:

• BNY Mellon: The world's largest custody bank has offered Bitcoin and Ethereum custody since 2022
• State Street: Digital asset custody under development
• Standard Chartered: Joint crypto custody with Brevan Howard (Zodia Custody)
• Deutsche Bank: Announced its crypto custody service in 2024

Trading services

• Goldman Sachs: OTC crypto desk for institutional clients
• JPMorgan: After developing the Quorum blockchain, the Onyx platform manages tokenized assets
• Morgan Stanley: Bitcoin ETF access for wealth management clients

Stablecoin and payment projects

• JPMorgan JPM Coin: A stablecoin used for institutional settlements
• PayPal PYUSD: PayPal's own stablecoin on Ethereum and Solana
• Société Générale EURCV: Euro stablecoin on Ethereum
• Visa and Mastercard: Stablecoin settlement experiments

The reasons for the paradigm shift

1. Customer demand

Bank customers – individuals and institutions – want crypto access. If the bank doesn't provide it, they'll look elsewhere.

2. Revenue opportunity

Crypto custody, trading, and tokenization opens new revenue streams for banks – fees, spread, advisory.

3. Technological innovation

Blockchain technology can make banking processes more efficient:

• Settlement: T+0 (instant) vs. current T+1 or T+2
• Tokenization: Securities, bonds in tokenized form
• SWIFT alternatives: Chainlink CCIP and other protocols offer more efficient interbank communication

4. Competitive pressure

A neobanks (Revolut, N26) and crypto-native companies (Coinbase, Circle) already offer crypto services – traditional banks

The Hungarian situation

• The Hungarian banking sector is still cautious about cryptocurrencies
• The MNB is preparing the MiCA implementation
• A Revolut and similar fintechs already offer crypto trading to Hungarian customers
• Direct crypto services from Hungarian banks are still pending

Tokenized financial instruments

The biggest development is the Real World Assets (RWA) tokenization:

• BlackRock BUIDL: Tokenized treasury fund on Ethereum – $500M+
• Franklin Templeton: Tokenized US government bond fund – on Stellar and Polygon
• Ondo Finance: Tokenized money market instruments with DeFi access

According to Boston Consulting Group estimates, the tokenized assets market could reach $16 trillion by 2030.

Tension points

• DeFi vs. TradFi: The worldviews of decentralized finance and traditional banks are fundamentally different
• De-banking: Some banks still freeze crypto-related accounts
• CBDC question: Digital central bank money would reach users without intermediaries – this could threaten the banking sector
• Self-custody vs. custody: Bank custody services centralize exactly what Bitcoin was designed to decentralize

Summary

The relationship between banks and cryptocurrencies has moved from confrontation to cooperation . This doesn't mean banks have "switched" – rather, they're adapting to a changing world. Bitcoin's orig

Banks aren't adopting crypto because they love it – but because their customers do.

⚠️ Legal disclaimer: This article is for informational purposes only and does not constitute investment advice. All investment decisions are made at your own risk.