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1、The Crypto Maturity ModelHow Traditional Finance Can Adopt Cryptocurrency in StagesVERSION 2.0 NOVEMBER 2022 1IntroductionThe Crypto Maturity Model:How Traditional Finance Can Adopt Cryptocurrency in Stages Over the last few years,cryptocurrency has become a mainstream asset class,with an inflow of

2、institutional dollars driving Bitcoin and other cryptocurrencies to record transaction volumes.With that,plus the OCCs announcement in 2020 that banks can provide cryptocurrency custodial services,we expect to see more mainstream financial institutions incorporate cryptocurrency into their service o

3、fferings for both retail and institutional clients.Some banks have already begun this process,and have either launched cryptocurrency programs or announced their intent to do so.But many more are evaluating the market and considering how to productize offerings around digital assets.Thats why weve c

4、reated the Crypto Maturity Model:a roadmap for financial institutions to offer cryptocurrency products.The Maturity Model defines an iterative path for cryptocurrency product rollout,enabling financial institutions to evaluate market opportunities while in parallel addressing regulatory and complian

5、ce requirements.2IntroductionThe Crypto Maturity Model The model defines four levels of cryptocurrency adoption for financial institutions:Level 0:Education,strategy,and planning Level 1:Open for business Level 2:Synthetic cryptocurrency products Level 3:Enable crypto deposits Level 4:Beyond deposit

6、sLets dive more into each level.Education,strategy,and planningLEVEL 04Level 0:Education,strategy,and planningLevel 0:Education,strategy,and planningFinancial institutions contemplating a move into crypto should start by designating the key stake-holders for such an initiative across multiple functi

7、ons,as well as the executive who will be leading the charge.That individual may be somebody hired from the crypto world,though external hiring can also wait until the next level of the model,when the business is honing in on exactly how it will support crypto or launch crypto initiatives.Broadly spe

8、aking,the stakeholders you designate will fall into two groups:People who will work directly with crypto or crypto businesses,such as:Investment bankers Commercial bankers Traders Corporate lenders Wealth managersEnterprise risk professionals who will determine what crypto offerings are possible,suc

9、h as those specializing in:Market risk KYC AML/TF Sanctions Financial crimes and fraud ComplianceThese lists are by no means exhaustive,but those two groups will be the most involved in the rollout of any crypto offerings.However,as those offerings materialize,theyll likely require firm-wide coordin

10、ation and buy-in,along with executive support and engagement.Once youve built your preliminary crypto team,bring them together to figure out how a move into crypto can fit into your institutions risk appetite and identify the learning gaps you must fill to properly assess the risk of any crypto oppo

11、rtunities.Part of this means training the team on how to use tools like Chainalysis KYT,which use immutable on-chain data to quantify risk for any cryptocurrency business or user you may work with.Financial institutions at Level 0 should also start learning about the cryptocurrency exposure they hav

12、e today and measuring the resultant risk.Given current adoption levels,virtually every bank 5Level 0:Education,strategy,and planninghas growing financial ties with the cryptocurrency industry,be it through a retail banking program,multinational treasury services,or corporate lending programs.Banks s

13、hould therefore make an effort to learn about the specific crypto businesses they or their customers have interacted with,and consider screening them using an industry intelligence tool like Chainalysis Kryptos.Finally,any financial institution interested in moving into cryptocurrency should start b

14、y learning as much as possible about the industry.There are many resources available:Educational content.Industry leaders regularly publish content that can help financial insti-tutions better understand the opportunities and risks in the crypto ecosystem.Examples from Chainalysis include the Chaina

15、lysis Academy with video lessons on crypto basics,blog posts and reports with in-depth research,and live webinars featuring Q&As with industry experts.Social media.Cryptocurrency has one of the most active social media scenes of any industry,with Crypto Twitter as its focal point.Crypto executives a

16、nd builders like Coinbase CEO Brian Armstrong and Ethereum creator Vitalik Buterin regularly post their thoughts on the latest industry happenings,as well as an army of anonymous,but insightful online scribes.Community.The crypto community is also widely accessible for live conversation,as virtually

17、 every project has its own Discord server for users to come together and chat.Just one hour in an active channel can be the equivalent of hours of research into a given crypto niche.Opportunities for in-person meetups and networking opportunities abound as well.You can also book time with Chainalysi

18、s experts to learn both about how to better use these tools,as well as get more information on the industry generally.Open for businessLEVEL 1LEVEL 17Level 1:Open for businessLevel 1:Open for businessOnce a financial institution has designated the key stakeholders,educated them on the cryptocur-renc

19、y ecosystem,and established its risk appetite and compliance procedures,it can begin to move into crypto with confidence.The first step is to begin supporting and interacting with cryptocurrency businesses the same way they would any other.On the retail banking side,this means allowing customers to

20、transact with cryptocurrency businesses that fit their risk appetite.Historically,it wasnt possible for financial institutions to make those assessments accurately whether for retail banking customer exposure or for crypto businesses they interact with in other ways.But with tools like Kryptos,many

21、financial institutions have successfully amended their processes to properly assess the risk for individual crypto businesses and grow their exposure to the sector in a safe and regulated way.Crypto-friendly banks can also begin taking on cryptocurrency businesses as clients.Recent history has shown

22、 that this can be incredibly lucrative.Silvergate Bank became one of the first banks to work with cryptocurrency businesses in 2013 and since then,has onboarded over 1,500 cryptocur-rency businesses as clients clients with average customer deposits of$14.7 billion,as of April 2022.In 2018,the bank a

23、lso rolled out the Silvergate Exchange Network,which allows institutional investors to buy cryptocurrency assets from several different exchanges.Signature Bank was also early to service the cryptocurrency business segment,receiving billions in deposits from these customers and recently announcing a

24、n expansive partnership with Coinbase to provide real time settlement for crypto transactions.But there are many more services financial institutions can offer to cryptocurrency clients beyond just business banking.In 2018,for instance,JP Morgan Chase and Goldman Sachs advised Coinbase on its IPO vi

25、a direct listing.More recently,Coinbase turned to M&A specialist Architect Partners for advisory services in its acquisition of derivatives exchange FairX,following Architects own merger with crypto-native investment bank Emergent.Many cryptocurrency businesses have now grown into global operations

26、and also need foreign exchange(FX)services,as well as more robust global settlement mechanisms.As the cryptocurrency sector grows,its needs become more sophisticated,which means increased opportunities for traditional financial institutions to provide services that have traditionally worked for non-

27、crypto clients.Architects acquisition of Emergent underlines another key need:In order to move into cryptocur-rency,financial institutions need crypto expertise.Luckily,this can usually be accomplished through hiring rather than an all-out acquisition.Building out a digital assets team means recruit

28、ing seasoned crypto experts across compliance,security,and the roles corresponding to the specific services the firm wants to offer.Synthetic cryptocurrency productsLEVEL 29Level 2:Synthetic cryptocurrency productsLevel 2:Synthetic cryptocurrency productsOnce a bank has become comfortable working wi

29、th cryptocurrency businesses,it may want to help both retail and institutional customers get exposure to cryptocurrency markets.However,that doesnt mean it has to accept cryptocurrency deposits or hold crypto on customers behalf.Instead,financial institutions can offer synthetic,cryptocurrency-based

30、 investment products that allow customers to capture some of cryptocurrencys upside without the financial institution actually accepting crypto deposits.BlackRocks recently launched Bitcoin private trust provides a great example of how asset managers can give institutional investors access to crypto

31、 markets using synthetic products.That means that while BlackRock itself will own the Bitcoin,institutional clients can purchase shares in the trust to gain exposure to Bitcoin without the need to own it themselves.Firms like Grayscale Bitcoin Trust pioneered this model in the past,with financial in

32、stitutions such as Chicago bank First Midwest and Israeli asset manager Altshuler Shaham purchasing shares to give their clients Bitcoin exposure.Cryptocurrency ETFs could be the next step for synthetic cryptocurrency investment.Long considered a possible game changer in the industry,no cryptocurren

33、cy ETFs have received SEC approval yet,though Canadian investment firm Purpose Invest recently launched North Americas first ever Bitcoin ETF.Asset manager VanEck,which has long pushed for approval of its own Bitcoin ETF,also launched an alternative ETF that holds shares in cryptocurrency infrastruc

34、ture providers exchanges,miners,and storage providers rather than reflecting the price of any one crypto asset.Enable crypto depositsLEVEL 311Level 3:Enable crypto depositsLevel 3:Enable crypto depositsAt Level 3,banks are giving customers direct access to cryptocurrency markets,allowing them to dep

35、osit crypto with them and potentially even holding it on their behalf.Putting digital assets on the balance sheet represents one of the biggest chasms for financial institutions to cross in their cryptocurrency journey,and only a few traditional financial institutions have rolled out such offerings

36、or announced their intent to do so since an OCC announcement clarifying they could do so came in July 2020.However,given the growing interest from both retail and institutional customers around holding cryptocurrency,we believe that every deposit-taking institution will support cryptocurrency transa

37、ctions in some form.Getting an early start on rolling out these services will likely be a key competitive differentiator.Luckily,financial institutions arent alone here.They can partner with crypto-native firms to fulfill virtually all of the necessary functions for accepting and holding crypto depo

38、sits.BNY Mellon provides a great example with the recent launch of its own digital assets custody solution.Instead of building out the entire platform itself,BNY Mellon partnered with Fireblocks to get the infrastructure they needed.Likewise,rather than building a transaction monitoring tool from th

39、e ground up,BNY partnered with Chainalysis,using KYT,Kryptos,and Reactor tools to get real time transaction monitoring,as well as live risk information on crypto firms their customers might interact with and investigate suspicious activity.These partnerships enable financial institutions to launch c

40、rypto solutions faster and with fewer resources invested up front,while also tapping into crypto-native expertise.Beyond deposits:Complex products,DeFi,and moreLEVEL 413Level 4:Beyond deposits:Complex products,DeFi,and moreLevel 4:Beyond deposits:Complex products,DeFi,and moreNot many financial inst

41、itutions have gone beyond accepting deposits in their adoption of crypto-currency,but that doesnt mean its unheard of.In early 2022,for example,Swiss bank SEBA Bank AG announced a partnership with DeFi Technologies and its subsidiary Valour,which will allow SEBA to access staking,market making,and l

42、iquidity provision opportunities in DeFi.More recently,JP Morgan completed its first ever DeFi transaction,teaming up with DBS Bank and SBI Digital Asset Holdings to conduct a swap of tokenized Singaporean dollars and Japanese yen,as part of a pilot program organized by the Monetary Authority of Sin

43、gapore.DeFi is perhaps the fastest-growing,most exciting area of cryptocurrency,and businesses operating in the space can use Chainalysis Address Screening to automate the customer screening process.Payments are another place financial institutions can incorporate cryptocurrency.Though not a traditi

44、onal financial institution,Apple provides a great example here,as its recently announced partnership with Circle allows Apple Pay users to purchase items using Circles USDC stablecoin.Similarly,JP Morgan launched its own JPM Coin to enable payments in commercial transactions.14Good times aheadGood t

45、imes aheadWith cryptocurrency becoming increasingly mainstream,banks are no longer viewing it as money for criminals or looking for ways to ban it.Instead,theyre recognizing the ways it can help their customers while driving revenue and trying to incorporate it into their larger strategies.While thi

46、s may seem daunting at first,the Crypto Maturity Model shows that banks can adopt cryptocurrency in a structured,incremental fashion,that allows them to test and improve their offerings at each step of the way.The key is determining the right types of products and services to build out at each step.

47、But luckily,the inherent transparency of cryptocurrency makes this process easier.With the right tools,financial institutions can aggregate the transaction data recorded on public blockchains,observe how funds flow between different types of wallets and services,and use that data to inform decisions

48、 on what kinds of cryptocurrency services make the most sense for their desired customer segments.From there,its a matter of hiring the right people or partnering with the right crypto-native businesses to build out the necessary infrastructure and compliance tools for new cryptocurrency offerings.T

49、his material is for informational purposes only,and is not intended to provide legal,tax,financial,or investment advice.Recipients should consult their own advisors before making investment decisions.This report contains links to third-party sites that are not under the control of Chainalysis,Inc.or

50、 its affiliates(collectively“Chainalysis”).Access to such information does not imply association with,endorse-ment of,approval of,or recommendation by Chainalysis of the site or its operators,and Chainalysis is not responsible for the products,services,or other content hosted therein.Chainalysis doe

51、s not guarantee or warrant the accuracy,completeness,timeliness,suitability or validity of the information in this report and will not be responsible for any claim attributable to errors,omissions,or other inaccuracies of any part of such material.15Chainalysis enables financial institutions to move

52、 into crypto with confidence Chainalysis has partnered with financial institutions across the globe to help them assess opportunities and manage risk in cryptocurrency.Whether youre just starting to discuss what crypto could mean for you or ready to plunge headfirst into DeFi,Chainalysis has the too

53、ls to help any financial institution win with digital assets.Here are a few we referenced in our Crypto Maturity Model Report:Chainalysis Reactor The investigation software that connects cryptocurrency transactions to real-world entities.Chainalysis Kryptos On-chain risk and transaction data for eve

54、ry cryptocurrency business.Chainalysis KYT Real time transaction monitoring for all crypto-currency assets.About ChainalysisChainalysis is the blockchain data platform.We provide data,software,services,and research to government agencies,exchanges,financial institutions,and insurance and cybersecuri

55、ty companies in over 75 countries.Our data powers investigation,compliance,and market intelligence software that has been used to solve some of the worlds most high-profile criminal cases and grow consumer access to cryptocurrency safely.Backed by Accel,Addition,Benchmark,Coatue,GIC,Paradigm,Ribbit,and other leading firms in venture capital,Chainalysis builds trust in blockchains to promote more financial freedom with less risk.For more information,visit .FOR MORE INSIGHTS FOLLOW US ON TWITTER chainalysisFOLLOW US ON LINKEDIN IN TOUCH Building trust in blockchains