Don't miss out! Join us at
2024 featuring Fraud Fight Club on April 25th
arrow icon

Bank-Wise Analysis of Blockchain Activity

Post by:
October 12, 2021
Post by:
No items found.
October 12, 2021
Bank-Wise Analysis of Blockchain Activity

Interest in blockchain has been coming in from every corner of the world, with major ones being banks and technology providers. Banks’ interest in bitcoin blockchain is seeing a massive uptick in exploring potential use cases for the distributed ledger system (blockchain technology).

This blog post will provide you with a comprehensive analysis of banks and their investments in this technology.

Fidor Bank: Fidor is the first major bank to experiment with virtual currency and blockchain. They partnered with Kraken (in October 2013) to provide digital currency exchange in the EU and with bitcoin Deutschland GmbH in Germany. A partnership with Ripple Labs followed this to use its payment protocol to provide customers with money transfer services in multiple currencies at a lower cost (May 2014). Finally, in February 2015, they partnered with, a P2P bitcoin trading platform.

LHV Bank: Expressed that they are working on a new project with blockchain technology (June 2014). Developed Cuber Wallet, an app based on Colored Coins blockchain technology (June 2015), partnered with Coinbase (Sep. 2014) and CoinFloor (July 2015). They are also experimenting with digital security.

CBW Bank, Cross River Bank: Announced partnership with Ripple Labs (Sep. 2014). Working on building a risk management system and also providing low-cost cross-border payments transactions.

Rabobank: Is experimenting with BTC, blockchain, and Ripple payments network.

ABN Amro: Investigating blockchain technology for banking purposes.

ING Bank: Researching into blockchain to improve the speed of transactions.

Goldman Sachs: Participated as a lead investor in $50M funding for Bitcoin startup Circle Internet Financial Ltd. (Apr. 2015).

BBVA Ventures: Have released a research report in July 2015 stating interest in blockchain technology and not the currency, i.e., bitcoin. Participated in a $75M Series C funding for Coinbase (Jan 2015).

Santander: Claims to have 20-25 use cases for blockchain and that around GBP 12 billion could be saved in banks infrastructure by switching to the blockchain concept. Set up team Crypto 2.0 to research the use of blockchain in banking with a specific focus on international payments and smart contracts (Jun 2015).

Westpac: Partnered with Ripple and is pilot testing a proof of concept with its staff for making low-value cross-border payments (June 2015). Through its investments in VC fund Reinventure, it has participated in Series C funding of $75M in Coinbase (Jan 2015).

UBS: Has a research lab in London focused on blockchain. UBS CIO Oliver Bussmann also provides one-on-one mentoring to FinTech startups based out of London in the areas of blockchain & social media analytics. The firm is experimenting in payments, trading, settlement, and smart bonds (Apr. 2015).

BNY Mellon: Created its own currency called BK Coins as a corporate recognition program for gifts and other rewards (Apr. 2015).

Barclays Bank: Ran a 90-day accelerator program with Safello (BTC Exchange), Atlas Card (BTC debit cards creator), and Blocktree (blockchain for the insurance industry) in March 2015. In June 2015, signed a deal with Safello to work on proof of concepts for testing banking services on blockchain

CBA: Partnered with Ripple Labs to implement a blockchain ledger system for payment settlements between its subsidiaries (May 2015).

USAA Bank: Created a research team to study the uses of bitcoin (May 2015).

ANZ Bank: Partnered with Ripple to explore potential use cases of the blockchain (June 2015).

BNP Paribas: Experimenting at making transactions faster by using blockchain (July 2015).

Societe Generale: Planning to staff employees with BTC, blockchain, and cryptocurrency expertise (July 2015).

Citibank: Has set up three separate systems within Citi that deploy blockchain-based distributed technologies. They developed an equivalent to bitcoin called Citicoin, which is being used internally to better understand the digital currency trading system. Blockchain is one of five domains that Citi is exploring to digitize, focusing payments and transactions with a specific focus on cross-border capacity (July 2015).

A timeline with announcements by different banks involved with blockchain and their areas of interest is given below:

Banks in BTC Blockchain

To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.

Create secure frictionless customer experiences using modern identity solutions

Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.

Prove: the world’s most accurate identity verification and authentication platform

Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.

Keep Reading...Read our latest white-paper on this subject!

Tap the button below to read our latest white-paper on the subject as industry leaders.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.

Interested in more information about Prove Pre-Fill?

Download the Report

Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.

Interested in more information about MFA?

Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.