And though blockchain has found some use in sectors such as trade finance, its application has been relatively narrow. It's still prone to wild price moves, underscored by a recent 20 percent jump that caused puzzlement among traders and analysts. Bitcoin slumped by three-quarters last year after nearing a record of $20,000 in its frenzied 2017 bubble.

The lack of mainstream embrace has sown serious doubts over the potential of cryptocurrencies to evolve from speculative tokens to means of payment capable of rivaling fiat money. They have mostly given digital coins, including bitcoin, a wide berth, avoiding direct investment because of worries over tightening regulation, frequent security lapses and high volatility. This suggests large companies see promise in the nascent technology, even as it struggles for acceptance. Such bets, by companies including London Stock Exchange Group and Microsoft Corp, spiked over five-fold to a record $2.4 billion over 117 investments in 2018. The 13 deals put the flows on track for a second straight annual record.

Venture capital investments in crypto and blockchain startups that included funds from corporates have raced to $850 million so far this year, data compiled by PitchBook for Reuters shows. By Tom Wilson LONDON (Reuters) - Major finance and tech firms are pouring money into startups building technology to develop the crypto market, even though they're steering clear of the volatile currencies themselves.

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