Which banks are using blockchain?

30 Sep 2022 By PAYCEC

Though we are uncertain about the value of blockchain technology in payments, it proves a new effective method of payments which many top banks use as their new advantage to attract customers:

  • Standard Chartered Bank

The bank recognizes that cryptocurrencies have created a new ecosystem that fiat currencies cannot replace. The venture divisions of Standard Chartered PLC, which is one the world’s most systemically important banks, announced the creation of a cryptocurrency custodian in July 2020.

  • Banks of Wells Fargo, United States

Wells Fargo stated that it planned to launch cryptocurrency funds to increase its clients' wealth. However, due to the risk of a blockchain transaction, only qualified investors would be eligible for the treatment.

  • UBS

UBS' financial institutions have developed utility tokens for crypto traders and investors who seek a comfortable marketplace to invest in. They aim to provide reliable and legal ways to invest in cryptocurrency markets.

  • Morgan Stanley

Around March 2021, Morgan Stanley announced that it would open access to three funds for Bitcoin owners. However, the bank stated that it only allowed wealthier clients to access such a volatile asset.

Source: Analytics Insight

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