Top banks in the world have a 0.14% exposure to cryptocurrencies

According to the Basel Committee report, the top banks in the world have assets worth around $9 billion.

Nineteen of the largest financial institutions in the world were part of the study. Seven of the banks were from Europe, 10 from the Americas and two from the rest of the world.

The 19 banks that put in their data have a 0.14% exposure tocryptocurrencies. If global standards were to be applied, the exposure of banks would be 0.01%.

The research did point out that it is hard to know whether banks have under- or over-reported their exposures because of the rapid evolution of the market. The Basel Committee found that Bitcoin BTC USD and Ethereum ETH USD, or assets based on these two currencies, account for the bulk of the exposure.

The total exposure was 22%, while the total exposure was 31%.

Other assets based onBitcoin andEthereum account for 25% and 10% exposure.

Exposure to other cryptocurrencies include Litecoin LTC USD, 0.4%, Stellar XLM USD, 0.4%, Cardano ADA USD, 1%, Polkadot DOT USD, 2%, and Ripple XRP USD, 2%.

The banks also disclosed a small amount of tokenized assets and stable coin, such as USD Coin.

The data is heavily influenced by the services banks provide, such as market making, clearing and custody.

The findings showed that a small number of institutions owned the majority of the assets, and as a result warned that the conclusions could not reflect reality very accurately.

While major financial institutions have invested a bare minimum in cryptocurrencies, digital assets are in their nascent phase with the world's largest digital currency debuting just over a decade ago.

Institutions have plenty of time to own a sizeable chunk of cryptocurrencies due to the long road ahead.

Major banks considering investments in cryptocurrencies make the industry look promising.

The market value of all cryptocurrencies is $980 billion, down 0.3% from the previous day.