Authentication & Security

Blockchain Activity of FIs & Banks: Updated Analysis (Infographic)

MEDICIFounder and Chief Strategy & Innovation Officer

In September, we published an article (with an infographic) showing the announcements by different FIs and their partners (if any), along with the potential use cases of blockchain that they are exploring. It got some great feedback and thousands of shares; thank you for that. The article covered the banks and other FIs who have shown intent on blockchain from the period of 2013 to June 2015. In the following article, we have extended the timeline further & have tried to cover the innovations and practices implemented by FIs in blockchain technology from July 2015 to the present day.

Banks in Blockchain

1. Bank of America:

The US Patent & Trademark Office website revealed (September 2015) that Bank of America had filed a patent on a “System and Method for Wire Transfers Using Cryptocurrency.” The patent deals with using a system that would decide on one optimal method for completing a wire transfer, in other words: remittance of money. The system in this process would use multiple cryptocurrency exchanges, wherein a funds transfer initiated by one customer could be exchanged via one cryptocurrency exchange, and at the receiving end, they could be re-converted to currency using another cryptocurrency exchange. The different cryptocurrency exchanges mentioned include OKCoin, BitStamp, BTCChina, Cryptsy, CoinMarket and Justcoin. However, they also mention that this list is not exhaustive.


At the Money 20/20 event in Las Vegas, NASDAQ unveiled its new blockchain-based platform which facilitates share transfers and sales on its private market. NASDAQ Linq is a digital ledger technology that leverages blockchain to facilitate the issuance, cataloging and recording of transfers of shares of privately-held companies on the NASDAQ Private Market. It will complement ExactEquity, NASDAQ Private Market’s cloud-based capitalization table management and stock plan administration solution. NASDAQ Linq clients will be provided with a comprehensive, historical record of issuance and transfer of their securities, offering increased auditability, issuance governance and transfer of ownership capabilities. The company also announced the initial roster of private company clients like, ChangeTip, PeerNova and TangoMe.

The firm invested in (September 2015), a blockchain infrastructure provider for FIs and enterprises. NASDAQ chose Chain to run a pilot around blockchain technology on the NASDAQ Private Market. The stock exchange firm is also looking to expand its blockchain ambitions beyond the US, planning securities-focused applications in Estonia.

3. Citi:

Investor in, a blockchain infrastructure provider for FIs and enterprises. Chain helps companies build financial products around blockchain technology with its bitcoin data API. (September 2015)

4. Visa:

At Money 20/20, Visa showcased a prototype connected automobile with an interesting app built into its dashboard. A collaboration between Visa and DocuSign, it uses the bitcoin blockchain to record several types of contract information. (October 2015)

Visa Europe announced (November 2015) its collaboration with Epiphyte, a provider of blockchain-based software-as-a-solution (SaaS) for immediate financial transactions. Visa Europe Collab and Epiphyte, a recent graduate from San Mateo incubator Boost VC will be working on a proof-of-concept to use bitcoin and blockchain capabilities to make remittance services more efficient and easier to use.

5. Royal Bank of Canada:

The bank is seeking to launch a loyalty program (November 2015) that uses the technology sometime in 2016. According to American Banker, Royal Bank of Canada (RBC) President and CEO Dave McKay suggested that RBC was currently looking for low-risk ways to introduce its customers to the technology and that a loyalty program was the best fit at this time.

6. R3CEV:

Nine banks collaborated (mid-September) to develop common standards of blockchain technology by backing a blockchain startup called R3CEV. Thirteen more banks joined by the end of September. In October, three more banks joined the R3CEV collaboration, taking the total count to 25; in November, five more banks joined hands to make the total number of banks in the R3CEV collaboration to 30. Here are the 30 banks that are collaborating: Goldman Sachs, JP Morgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA, UBS, BNY Mellon, Mitsubishi UFJ Financial Group, Citigroup, Commerzbank, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale, Toronto-Dominion Bank, Bank of America, Deutsche Bank, Morgan Stanley, HSBC, BNP Paribas, Canadian Imperial Bank of Commerce, ING Bank, Macquarie Bank, Wells Fargo & Co, Mizuho Bank, Nordea Bank, and UniCredit.

Banks around the world are embracing the principles of open innovation to augment their product development programs. Recently, we saw a number of banks/FIs sponsoring the blockchain hackathons as it is a great way to analyze and embrace the payment ecosystem with the opportunistic side of the new technology. Here are the various events and hackathons sponsored/to be sponsored by FIs:


Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.

Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.

Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.