"Before, many banks hated crypto, but now many are interested."
Many banks have previously been highly critical of Bitcoin (BTC), but recently they have come to believe that blockchain, the protocol that manages and facilitates cryptocurrency exchanges, can offer benefits over its closed database system.
As such, many big financial players have come forward to discuss experiments on the BTC blockchain, decentralized ledgers and others.
Here are eight of the biggest banks that are starting to go public with their interest in BTC and blockchain:
1. BNP Paribas
In addition to the view that blockchain can improve world trade, French Bank BNP Paribas is also studying the addition of BTC to one of its currency funds.
2. Société Générale (SocGen)
SocGen which is another French bank has posted a job listing on July 2, 2023 for an IT developer, where the role involves research and development for crypto and blockchain.
Although the ad failed to go into specifics, it is believed to be looking to develop software in-house.
3. Citi Bank
Citi has told the United Kingdom (UK) government to consider creating its own digital currency through a Freedom of Information (FOI) Request.
According to Ken Moore, the head of Citi Innovation Labs said that his team is now not only exploring distributed ledger technology in recent years but also building three blockchains including its own crypto called CitiCoin.
4. UBS
Swiss investment bank UBS said work carried out in the innovation lab will seek to bridge the gap between banking and FinTech to determine how traditional banking can evolve through innovation.
Its innovation lab at Level39 will provide a unique platform to explore emerging technologies such as blockchain and crypto including understanding the potential impact for the industry, commented Chief Information Officer (CIO) Oliver Bussmann.
5. Barclays
Following its agreement with Sweden-based BTC exchange Safello, Barclays Bank signed a proof-of-concept (POC) to investigate how blockchain technology could strengthen the financial services sector.
Earlier, the bank had accepted three startups working on blockchain-related projects for their Accelerator.
6. Goldman Sachs
Goldman Sachs previously published a report on digital currencies that highlighted the potential of blockchain technology and stated that BTC and other cryptocurrencies are part of a "megatrend" that could change the way transactions are conducted.
7. Banco Santander
Banco Santander has been experimenting with blockchain technology and the Spanish banking giant has previously said blockchain technology could reduce infrastructure costs by $15 to $20 billion a year by 2022.
8. Standard Chartered
Anju Patwardhan, Chief Innovation Officer (CIO) of Standard Chartered has taken to Linkedln to share his thoughts on the BTC blockchain stating that it can help reduce the cost of credit, money transfers and remittances.
