The investment firm of Chase &AM is making a bet on the digital currency that could be worth $1.2 billion and has invested in more than 20 companies.
Chase &, the second-largest bank in the United States after Wells Fargo, is the latest bank to invest in blockchain technology, which allows digital currencies to operate independently of a central authority.
The investment firm has invested more than $1 billion in digital currencies since it launched its investment arm in 2017, including in bitcoin-focused startup ConsenSys.
Chasing has also invested in the venture capital firm Seed Fund and the digital asset company BitGo, among other companies.
Citing its recent investment in bitcoin wallet provider Coinbase, the bank said it is now “looking to further our relationships with blockchain-based businesses and digital assets.”
In the meantime, Chase &s investment is just one of the recent initiatives of the bank.
The bank is also working to promote the digital assets ecosystem by building an initiative to allow people to trade in and trade digital currencies.
In May, the firm announced it was partnering with CoinPayments, a payment processor that allows consumers to transfer digital currencies from one payment processor to another.
In April, the company announced it had begun a partnership with Bitpay, a company that allows users to pay in bitcoin and other digital currencies, and was now working to integrate the service into Chase.