The year 2022 was a turbulent one for the crypto market, marked by a bear market and significant collapses of major centralized entities like LUNA, Three Arrows Capital, FTX, and BlockFi. Despite these challenges, it was also a period of substantial growth and adoption, with leading institutions and corporations across various sectors making decisive moves into the cryptocurrency space. This article provides a comprehensive, month-by-month overview of the key institutional crypto developments throughout 2022.
January
- CashApp integrated Lightning Network services for its users.
- Twitter introduced NFT features directly into its platform.
- Robinhood began testing its proprietary crypto wallets.
February
- KPMG Canada added Bitcoin and Ethereum to its corporate treasury.
- Twitter expanded its tipping feature to include Ethereum.
- GameStop and ImmutableX established a $100 million fund dedicated to web3 gaming.
- ConocoPhillips initiated a Bitcoin mining operation.
- BNY Mellon partnered with Chainalysis for crypto asset tracking and analytics.
- Intel unveiled a new dedicated crypto mining chip.
- JPMorgan published research on a quantum key distribution blockchain network.
- Sling TV collaborated with BitPay to enable cryptocurrency payments.
- Rakuten launched its own NFT marketplace.
March
- CVS Health filed trademark applications for NFTs and virtual goods.
- State Street and Copper began offering digital asset custody services.
- JPMorgan and TRM Labs partnered to enhance blockchain security with compliance technology.
- Billboard and Universal Music Group collaborated on an NFT project.
- Tencent filed a patent for a metaverse concert experience.
- Misfits Gaming announced a partnership with the Tezos blockchain.
- Baidu launched its own NFT platform.
April
- Fidelity Investments announced plans to allow Bitcoin contributions to 401(k) retirement accounts.
- Robinhood integrated the Lightning Network for faster Bitcoin transactions.
- Tesla, Blockstream, and Block (formerly Square) collaborated on a solar-powered Bitcoin mining facility in Texas.
- Stripe added support for USDC stablecoin payments.
- The London Bullion Market Association (LBMA) began using blockchain for supply chain management and fraud prevention.
- Mastercard, Nexo, and DiPocket partnered to launch a crypto-backed credit card.
- Commerzbank applied for a local cryptocurrency custody license in Germany.
- Stripe also partnered with Polygon to enable USDC payments on the network.
May
- Meta (Facebook) started working with Polygon to integrate NFTs into its platforms.
- Instagram began supporting the display of NFTs from Ethereum, Solana, Flow, and Polygon.
- Cloudflare started participating in Ethereum staking.
- LGT Bank, a major private bank, announced it would offer cryptocurrency services.
- De Beers, the diamond giant, launched an NFT-based project.
- Strite and Opennode enabled seamless fiat-to-Bitcoin conversion.
- MoneyGram and the Stellar blockchain network enabled users to send and cash out stablecoins.
June
- PayPal enabled its users to transfer Bitcoin, Ethereum, Bitcoin Cash, and Litecoin to external wallets.
- Citadel Securities and Virtu Financial announced plans to build a crypto trading marketplace.
- American Express launched a product that allows users to earn cryptocurrency rewards.
- Chipotle partnered with Flexa to accept cryptocurrency payments at its US locations.
- Apple collaborated with Block to integrate Square's payment system with the iPhone's "Tap to Pay" feature.
- Checkout.com began offering merchants instant settlement in stablecoins.
- Splyt partnered with Binance Pay to help users in over 70 countries book ride-hailing services.
- Shell, Accenture, and American Express launched Avelia, a blockchain-driven solution for sustainable aviation fuel (SAF) booking.
July
- Christie's auction house established a Web3 venture fund.
- GameStop launched the public beta of its NFT marketplace.
- The Crown Prince of Dubai unveiled an ambitious "Metaverse Strategy" for the region.
- BNP Paribas partnered with Metaco for cryptocurrency custody services.
- SMBC (Sumitomo Mitsui Banking Corporation) collaborated with Hashport on Web3 initiatives.
- Barclays purchased a stake in crypto firm Copper.
August
- BlackRock, the world's largest asset manager, began offering its institutional clients direct access to crypto.
- The China Database Technology Conference announced its own blockchain.
- Meta expanded its NFT integration support to multiple wallets.
- Reddit announced plans to integrate Ethereum purchases into its Vault wallet system.
- Binance and Mastercard launched a crypto-to-fiat debit card in Argentina.
- Tiffany & Co. announced the sale of 250 pendants exclusively for CryptoPunks NFT holders.
- PayPal expanded its cryptocurrency support and services.
- Formula 1 (F1) filed for crypto-related trademarks for the 2023 Las Vegas Grand Prix.
September
- Nasdaq announced it would launch a cryptocurrency custody service.
- T-Mobile signed a five-year deal with the Helium Network.
- Charles Schwab, Citadel Securities, and Fidelity announced the launch of EDX Markets, a new crypto exchange.
- SWIFT and Symbiont initiated a pilot for an enterprise data blockchain.
October
- Google Cloud partnered with Coinbase to allow Web3 companies to pay for services with cryptocurrency.
- McDonald's began accepting Tether and Bitcoin in the Swiss city of Lugano.
- Mastercard collaborated with Paxos to provide crypto trading capabilities for banks.
- Mastercard also partnered with CipherTrace to enhance fraud detection and prevention.
- Fidelity Investments added an Ethereum Index Fund to its offerings.
- JPMorgan partnered with Visa to simplify cross-border payments using Liink and B2B Connect.
- BNY Mellon began allowing its clients to custody Bitcoin and Ethereum.
- Flamengo football club announced plans to launch multiple Web3 products via a partnership with MoonPay.
- Rio de Janeiro announced it would accept cryptocurrency for property tax payments.
- Google launched a cloud-based node engine service for Ethereum developers.
November
- Arweave was integrated with Meta to archive digital collectibles from creators.
- JPMorgan executed its first DeFi trade on a public blockchain in collaboration with the Monetary Authority of Singapore.
- Sony announced it was exploring NFTs and blockchain technology for gaming.
- Nike and Polygon launched a new platform for ".SWOOSH" digital wearables.
The institutional adoption of cryptocurrency and blockchain technology accelerated significantly throughout 2022. From banking giants and investment firms to major consumer brands and tech corporations, a diverse range of players laid the groundwork for the next era of web3 innovation. This trend demonstrates a growing belief in the underlying technology's potential, even amidst market volatility. For those looking to understand the current landscape, tracking these institutional moves is crucial. 👉 Explore more institutional adoption trends
Frequently Asked Questions
What was the most significant institutional crypto move in 2022?
While difficult to single out one, BlackRock's decision to offer crypto directly to its institutional clients was a monumental endorsement of the asset class from the world's largest asset manager, signaling deep market maturation.
Did the bear market and crashes slow down institutional adoption?
Surprisingly, no. The data from 2022 shows that institutional interest and building continued largely unabated. Many institutions viewed the market downturn as an opportunity to build and invest at a more strategic pace.
Which sector saw the most crypto adoption in 2022?
Financial services and payments were at the forefront, with numerous banks, asset managers, and payment processors like Mastercard, Fidelity, and PayPal launching major crypto products and services throughout the year.
Are institutions mostly interested in Bitcoin?
No. While Bitcoin remains a key asset, 2022 saw massive growth in institutional activity around Ethereum, stablecoins, NFTs, and the broader infrastructure of web3, including custody and trading services.
What is the difference between institutional adoption and retail adoption?
Institutional adoption involves companies, banks, and investment funds using crypto for treasury management, offering client services, or building infrastructure. Retail adoption refers to individual consumers using crypto for payments, investments, or collecting NFTs.
Will this institutional trend continue?
Based on the momentum built in 2022, it is highly likely that institutional exploration and integration of blockchain technology and digital assets will continue to be a major trend, shaping the future of finance and the internet.