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The revolutionary potential of the Bitcoin blockchain – the technology underlying the digital currency – is what led nine of the world’s big banks to join together to study ways to apply it to the global financial markets.
The big banks realize that for the Bitcoin blockchain to realize that potential, they need to coordinate their efforts to create a universal system. If these heavy hitters succeed in creating such a standard, any bank in the world will be able to use it.
It’s clearly a huge vote of confidence in the Bitcoin technology from a group of very powerful financial institutions.
Member banks include:
- JPMorgan Chase Co., U.S. (NYSE: JPM)
- UBS Group AG, Switzerland (NYSE: UBS)
- Barclays Plc., UK (NYSE ADR: BCS)
- Banco Bilbao Vizcaya Argentaria SA, Spain (NYSE ADR: BBVA)
- Goldman Sachs Group Inc., U.S. (NYSE: GS)
- State Street Corp., U.S. (NYSE: STT)
- Royal Bank of Scotland Plc., UK (NYSE: RBS)
- Commonwealth Bank of Australia (ASX: CBA)
- Credit Suisse Group AG, Switzerland (NYSE ADR: CS)
Other banks are expected to