HOME CRYPTO BITCOIN THESE MAJOR BANKS WELCOME BITCOIN AND THE BLOCKCHAIN TECHNOLOGY
Bitcoin and the technology behind it, the Blockchain, have already managed to twist the heads of many people in their short lifespan. However, many of them have taken a very long time to realize the true potential of innovation.
Initially, the big banks understandably rebelled against the digital currency and publicly expressed their scepticism because of fears that Bitcoin could damage the traditional financial system. The slowly emerging interest of the banks is also less dedicated to Bitcoin as a currency than to technology as a closed database system. Some banks have already set up their own laboratories to carry out various tests with the blockchain and other decentralised cash books.
It is already clear that some of the largest banks are showing great interest in Bitcoin secret
Here are the seven largest institutions that have publicly announced their interest in Bitcoin secret: 1st BNP Paribas. According to the International Business Times, the French BNP Paribas Bank is currently working on plans to integrate Bitcoin secret into one of its monetary funds.
Prior to this, analyst Johann Palychata has already written an article in the internal bank manager about whether the block chain will disrupt or revolutionise world trade.
2nd Société Générale (SocGen)
Another French bank is currently publicly looking for a Bitcoin-focused developer. Société Générale (SocGen) published a job advertisement for an “IT developer for Bitcoin, blockchains and crypto currencies” on July 2nd.
Even though the ad does not reveal much information about the actual goal of the job, it can be assumed that the bank is looking for its own in-house solution.
3rd Citi Bank
The first time we heard about Citi Bank in connection with Bitcoin and the Blockchain was when Citi advised the UK government to consider creating its own digital currency.
Ken Moore, head of Citi Innovation Labs, later told the International Busiess Times in an interview that the world’s eight largest bank had been monitoring and investigating the technology behind Bitcoin for several years.
Moore also said that the bank had already created three blockchains of its own in a closed system and is currently testing its Citicoin.
At the Consensus CoinDesk conference in New York in September, Citi Bank plans to announce more details on its plans for digital currencies.
The Swiss UBS Bank had already publicly announced at the beginning of the event that it had opened a test laboratory for digital currencies in London.
According to the bank, it has now learned a lot and is in a position to plug a few holes between the banking system and FinTech. UBS continues to research how innovation can drive the traditional banking system forward in the future.
Oliver Bussmann CIO at UBS said about cryptosoft:
“Our Innovation Lab provides us with a unique cryptosoft platform to examine emerging technologies such as blockchain and digital currencies in detail and to assess their potential and impact on the cryptosoft industry”.
Only last month the British bank Barclays published its plans for various tests with the Bitcoin technology.
As previously reported, Bank v signed a partnership with the Swedish Bitcoin exchange Safello. The aim of the partnership is to find out how the blockchain technology can strengthen the financial sector.
Barclays has supported cryptographic companies in the past. In March of this year, the bank included three startups in its support programme that deal with Blockchain technology.
Only one month later, Usama Fayyad of Barclays Bank publicly praised the Blockchain technology and referred to the “transformative” potential during the SWIFT Business Forum in London.
“Behind Bitcoin is the blockchain and I think this technology will change a lot.”
6th Goldman Sachs
Last year Goldman Sachs published a report on digital currencies and the potential of blockchain technology.
Although the first report did not go further into Bitcoin’s idea of currency and described the crypto currency as a commodity, a new report by the company describes Bitcoin as a “megatrend” that could forever change the aging remittance system.