Since its emergence in the last decade, usage of blockchain has proliferated among the world’s top financial institutions.
Most major banks have now completed a bond issuance on a blockchain network, or utilised products developed by others using the technology in some form. But only a few are creating products themselves and even fewer have cryptocurrency-related ideas in the works, with most plans shrouded in secrecy.
These are some of the biggest institutions that are working on blockchain or crypto projects right now — that we know of:
HSBC said it planned to move the settlement of $20bn in assets onto a new blockchain-based custody platform built by the bank in March last year.
The platform, known as Digital Vault, will give investors access to records of securities bought on private markets in real-time based on open-source blockchain technology by R3. The bank is putting more than a third of its eligible assets on the platform, which will digitise the paper records of private placements and use blockchain to speed up the process of making checks or queries on holdings.
HSBC is also working on the development of a letter of credit platform on blockchain with Contour. Though still in production, 18 transactions to the tune of $35m in goods have been completed on Contour to date.
A spokesperson for HSBC told Financial News that the bank