The world's eight largest banks are extending an olive branch to Bitcoin

In its short history of development, Bitcoin has received widespread attention from around the world, and the potential of Bitcoin and its blockchain technology has been widely recognized and affirmed. However, due to its potential threat to the existing financial ecosystem, most financial institutions have adopted a conservative attitude towards Bitcoin, and some institutions have even made sharp criticisms of Bitcoin.

But some well-known banking institutions around the world are also observing Bitcoin, exploring its potential, and experimentally using this technology.

Here are eight of the world’s leading banking institutions that are leveraging Bitcoin technology:

1. BNP Paribas

According to a report from the International Business Times, BNP Paribas is considering the possibility of using Bitcoin as a money market fund.

2. Societe Generale

Another French banking giant, Societe Generale, posted a job posting for Bitcoin technical talent on July 2.

3. Citibank

Citibank has told the British government that it wants to create its own digital currency through a Freedom of Information (FOI) request. Ken Moore, head of Citi Innovation Lab, told the International Business Times that it has explored distributed ledger technology in the past few years. Moore also revealed that Citibank has created three blockchains and is testing the digital currency Citicoin.

Citi is also sponsoring the first conference hosted by CoinDesk, and will reveal more information about blockchain and digital currencies in New York in September.

4. UBS

Earlier this year UBS announced it would create a blockchain research lab in London, a major financial hub.

UBS CIO said in a statement:

Our innovation lab, Level39, will provide a unique platform to explore new technologies, such as blockchain and digital currencies, and understand the potential impact on the industry.

5. Barclays

Barclays, one of the world's largest banks and financial institutions, revealed last month that it was planning to experiment with Bitcoin technology. The bank previously worked with Swedish Bitcoin exchange Safello. In March of this year, Barclays' accelerator accepted three blockchain startups.

A month later, Barclays Chief Data Officer Usama Fayyad highly praised blockchain technology at the SWIFT Business Forum in London, calling it a revolution.

6. Goldman Sachs

Last year, Goldman Sachs released a digital currency research report that highlighted the potential of blockchain technology. Although the report initially denied Bitcoin as a currency and labeled it as a commodity, a report by stock analysts the following year considered Bitcoin and cryptocurrency to be a major trend that could change the way transactions are performed.

Recently, this American multinational investment banking company participated in a new round of US$50 million financing for Circle, a well-known company in the cryptocurrency circle.

7. Banco Santander

Spanish banking giant Santander has been experimenting with blockchain technology.

Although its head of research and development said this was to reveal more about the application of blockchain technology consensus, we already have some understanding of the bank's attitude towards blockchain technology. Santander venture capital fund Oliver Wyman and Anthemis Group said that by 2022, blockchain technology can reduce infrastructure costs by $1.5-2 billion per year.

Mariano Belinky, General Manager of Santander, said:

We should not focus on the digital currency itself, but its underlying protocol is the most powerful. I think this technology will be adopted more in the future.

Standard Chartered Bank

Anju Patwardhan, Chief Innovation Officer of Standard Chartered Bank, recently shared her views on the Bitcoin blockchain on LinkedIn, pointing out that it can reduce the fees of credit cards, transfers and remittances.

Like others, she believes that decentralized currency like Bitcoin will never be a viable alternative to fiat currencies.