- Bank of America research published Tuesday shows banks like JPMorgan and Citi use blockchain technology.
- Other smaller banks said they are open to allowing clients to hold cryptocurrencies in the future.
- The research sheds on light on where traditional financial institutions stand on blockchain amid bitcoin’s massive rally.
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A research report from Bank of America shows banking behemoths JPMorgan and Citi are using blockchain technology, while other banks are considering allowing commercial and institutional clients to hold cryptocurrencies in their accounts.
BofA analysts led by Erika Najarian compiled responses from banks they cover regarding use of blockchain technology and willingness to facilitate crypto transactions.
They found that 21% of banks they cover have incorporated blockchain technology into their businesses in some form. Blockchain is a digital ledger and the technology used to transact with cryptocurrencies like bitcoin.
JPMorgan, Citi, Wells Fargo, US Bancorp, PNC, Fifth Third Bank, and Signature Bank are among some of the banks that said they use blockchain.
While JPMorgan and Citi did not specify in what capacity they use blockchain technology, Wells Fargo highlighted its WFC Digital Cash platform, which