With businesses taking to cryptos like ducks to water, banks do not wish to be left behind. Banks are now keen to embrace cryptocurrencies and their functions and showing willingness to incorporate blockchain technology to facilitate faster money transfers. Since bitcoin transactions are highly secure and faster, banks are looking for AI to boost traders’ performance. Accordingly, on various trading platforms, bots like Anon System Trading facilitate crypto trading in a more secure way for users. The main idea is to bring in more potential investors. Many financial institutions have introduced their own crypto tokens to encourage fund-inflow into their digital wallets. Even reputed banks have begun to use cryptos and making plans to work with the groundbreaking blockchain technology. Here are some of the biggest names in the banking world using cryptos and blockchain:
- Citi Bank: Citi Bank has expressed much interest in providing crypto services to clients. It is keen to come up with a robust platform for its high-end clients in view of their growing interest in cryptos. The blockchain system will be a step forward in accommodating many players under one roof.
- JP Morgan: This bank is one of the leading in terms of worldwide reputation and has started exchanging cryptos across blockchains since 2019. It has successfully launched a prototype crypto called the JPM coin to facilitate international business-to-business payments. A single JPM coin is $1 and clients can transfer their funds across the blockchain and get back an equivalent amount in USD. The bank intends to extend functionalities of their JPM coin to different currencies in the future.
- Morgan Stanley: In recent times, this bank has declared its intention to provide access to 3 funds allowing Bitcoin ownership for its affluent clients having at least $2 million assets with them. This is probably the first bank of its kind to provide Bitcoins to its rich clients. This financial institution made its debut crypto investment when it co-led $48 million investment along with Securitize, a platform for digital securities.
- Signature Bank: This popular American bank has successfully launched a blockchain-based payment system following approval from regulators in New York State in 2018. This modern crypto ecosystem lets you send dollar payment without transaction charges in real time. However, to secure blockchain payments, corporate clients will have to own a minimum of $250,000 in their own accounts. The Signet payment system uses blockchain architecture for creating this real-time payment system. All payments can be cleared and sent instantaneously between parties. This platform has ensured that the bank could attract $10 billion as deposits. According to its CEO DePaolo, this network is “growing by leaps and bounds” and he feels that other ecosystems can also use Signet beyond its crypto use.
- Silvergate Capital: It is one of the first in the banking world to get on its board 76 cryptoexchanges and 600 and more institutional investors. This is why it has been able to attract many potential customers. It has also successfully installed the Silvergate Exchange Network or SEN, a digital platform for payments. This can clear USD transactions seamlessly and focuses on making products related to cryptos using the blockchain for the highest level of security.
- DBS Bank: The bank, established at Singapore, has come out with its security token offerings, making it attractive to investors keen to invest in blockchain solutions. These security token offerings to the tune of $15 million and bonds worth $11 million are worthy of mention. DBS Digital Exchange uses blockchain for handling its most valuable assets. It has also launched a crypto trust offering investment management services for various cryptos.
These are some of the best-known banks opting for blockchain and crypto in their operations. More are likely to join the crypto bandwagon as Bitcoin’s mainstream adoption continues unabatedly.