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<a href="https://bitcoinworld.co.in/banking-titans-eye-crypto-technology-to-power-a-5-trillion-industry/" title="Banking Titans Eye Crypto Technology to Power a $5 Trillion Industry" rel="noopener noreferrer nofollow"></a> 
Leading American banking giants, including JPMorgan and Citibank, are exploring the potential of crypto technology to build new financial rails that could be part of a future $5 trillion industry, as reported by CNBC. The focus is on tokenizing assets on blockchains to “supercharge” Wall Street and enable efficient and near-instant transactions. 
Citibank’s Pursuit of a Digital-First Economy: 
Citibank’s head of digital assets, Ryan Rugg, emphasizes the importance of a “digital-first economy” and the need for systems that are “always on,” like blockchains. The bank aims to enable clients to move money programmatically, 24/7/365, as they embark on their digital journey. 
Replacing T+2 with Near-Instant Transactions: 
The current settlement system on Wall Street, known as “T+2” or “trade plus two days,” involves a two-day wait for settling transactions and relies on multiple intermediaries. The banks see the potential to enhance efficiency and speed by putting their activity on the blockchain, enabling near-instantaneous and secure transactions. 
$5 Trillion Worth of Assets Tokenization by 2030: 
Citibank analysts foresee a future where real-world assets worth $5 trillion could be tokenized on blockchains by 2030. This move would revolutionize how assets are traded and managed, introducing greater liquidity and accessibility to a broader range of investors. 
JPMorgan’s Blockchain Unit Onyx: 
JPMorgan’s blockchain business unit, Onyx, was launched in 2020 and has already facilitated dollar trades settlement for some banks, handling a substantial $700 billion in short-term loans. Onyx’s CEO, Umar Farooq, firmly believes that blockchain technology will eventually “rewrite” financial infrastructure, revolutionizing the movement of money and assets. 
BlackRock’s CEO Sees Bitcoin and Tokenization as Revolutionary: 
BlackRock CEO Larry Fink highlights the potential for a massive finance revolution through tokenizing assets, including Bitcoin. He draws parallels to the transformation by ETFs in the mutual fund industry. He sees tokenization as a means to democratize investing, making it more accessible and cost-effective for investors. 
A Paradigm Shift in Finance Beckons 
With banking giants like JPMorgan and Citibank actively exploring blockchain technology and asset tokenization, a significant paradigm shift in the financial landscape seems imminent. The potential benefits of near-instant transactions, increased liquidity, and greater accessibility for investors could pave the way for a future where traditional financial systems seamlessly integrate with crypto-powered solutions, unlocking new opportunities for the $5 trillion industry. As finance embraces this digital-first economy, the crypto and blockchain revolution continues to gather momentum. 
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Banking Titans Eye Crypto Technology to Power a $5 Trillion Industry

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