Which Banks Are Using Blockchain Technology? A Complete Guide

Introduction

Blockchain technology is transforming the financial industry by changing how banks process payments, transfer money, record transactions, and manage digital assets. Traditionally, banks have relied on centralized databases and established payment networks to manage financial transactions. However, blockchain offers new ways to record and verify transactions securely across participating institutions.

Today, several major banks around the world are exploring or using blockchain technology to improve banking services. These institutions include JPMorgan Chase, HSBC, Citi, Standard Chartered, DBS Bank, and Deutsche Bank. In Nigeria, FirstBank, United Bank for Africa (UBA), and Zenith Bank have also been reported as participants in a blockchain-powered payment network.

Although blockchain is often associated with Bitcoin and Ethereum, banks can use the technology without offering cryptocurrency trading to their customers. Many financial institutions use blockchain to support international payments, digital assets, tokenized deposits, and transaction settlement.

In this article, we will explore which banks are using blockchain technology, how they use it, the benefits it offers, and what it could mean for the future of banking.

1. What Is Blockchain Technology in Banking?

Blockchain is a type of digital ledger that records transactions across a network of computers. Depending on how the system is designed, multiple authorized participants can share and verify transaction records without relying on one central database for every operation.

In banking, blockchain can help financial institutions record payments, transfer digital representations of money, and coordinate financial transactions.

For example, an international payment may involve several banks and intermediaries. A blockchain-based system can allow participating institutions to share transaction information and coordinate settlement more efficiently.

Banks may use private or permissioned blockchains, where access is restricted to approved participants. They may also use public blockchain networks for particular digital asset services.

Blockchain technology does not automatically eliminate fraud, guarantee privacy, or make every transaction faster. Its effectiveness depends on the network’s design, security, governance, and integration with existing banking systems.

2. JPMorgan Chase

JPMorgan Chase is one of the leading financial institutions working with blockchain technology.

The bank operates Kinexys, a blockchain-based business focused on digital payments and financial infrastructure. Its services are designed to help institutional clients transfer money, manage liquidity, and settle transactions.

One of its well-known blockchain-related services is JPM Coin, which supports payments using digital representations of bank deposits within JPMorgan’s banking framework.

The bank’s blockchain initiatives demonstrate how traditional financial institutions can use distributed-ledger technology without replacing conventional banking entirely.

How JPMorgan Uses Blockchain Technology

JPMorgan uses blockchain-based systems for several financial applications, including:

• Supporting payments between eligible institutional clients.
• Improving transaction settlement.
• Helping businesses manage liquidity.
• Exploring the tokenization of financial assets.
• Automating certain payment processes.

These services are primarily designed for institutional and corporate clients rather than everyday retail customers.

JPMorgan’s work shows that blockchain can become part of the infrastructure used by traditional banks to manage financial transactions.

For more information, visit the official JPMorgan Kinexys website.

3. Citi

Citi is another major international bank investing in blockchain-based financial services.

One of its initiatives is Citi Token Services, which uses tokenization and blockchain technology to support institutional payments and cash management.

Tokenization involves creating a digital representation of an asset or financial claim. In banking, tokenized deposits can represent deposits held within a bank’s existing financial framework.

Citi has explored ways to use this technology to improve financial processes for corporate customers.

How Citi Uses Blockchain Technology

Citi’s blockchain-related initiatives include:

• Supporting cross-border payments.
• Improving corporate cash management.
• Exploring tokenized deposits.
• Developing digital asset services.
• Automating certain financial transactions.

These applications aim to make financial operations more efficient by improving how institutions exchange information and settle transactions.

However, the availability of these services depends on the specific product, participating institutions, and market.

Citi’s work illustrates how blockchain can support large-scale corporate banking without requiring customers to use public cryptocurrencies.

For further information, visit the official Citi Digital Assets website.

4. HSBC

HSBC has developed blockchain-based services involving digital payments and financial assets.

One example is its Tokenised Deposit Service, which enables eligible corporate clients to transfer tokenized representations of bank deposits. The bank has announced deployments in several markets, including Hong Kong, Singapore, and the United Kingdom.

HSBC also operates HSBC Orion, a platform used for digital bond issuance and related financial processes.

These initiatives demonstrate how blockchain can be used to manage digital representations of conventional financial products.

How HSBC Uses Blockchain Technology

HSBC’s blockchain-related activities include:

• Supporting cross-border corporate payments.
• Transferring tokenized deposits between eligible accounts.
• Facilitating digital bond issuance.
• Exploring tokenized financial assets.
• Improving transaction processing and settlement.

For businesses operating internationally, these technologies may help improve the management of funds across different markets.

However, not every HSBC customer has access to these services. Many are designed for corporate or institutional clients.

For more information, visit the official HSBC website.

5. Standard Chartered

Standard Chartered is involved in digital assets, blockchain infrastructure, and cross-border payment initiatives.

The bank has explored ways to use blockchain technology to improve financial transactions and connect traditional banking systems with emerging digital asset infrastructure.

One important area is tokenized deposits, which allow participating institutions to transfer digital representations of bank deposits through suitable financial networks.

In 2026, Standard Chartered and HSBC announced a live cross-border tokenized deposit transaction through SWIFT’s blockchain-based ledger. This demonstrated how regulated banking institutions could use shared-ledger infrastructure to coordinate certain transactions.

How Standard Chartered Uses Blockchain Technology

The bank’s blockchain-related work focuses on areas such as:

• Cross-border payment settlement.
• Digital asset services.
• Tokenized financial products.
• Financial market infrastructure.
• Connecting traditional banking services with blockchain networks.

These developments may help financial institutions improve the efficiency of certain transactions.

However, blockchain adoption does not mean that all Standard Chartered banking services operate on a blockchain.

For more information, visit the official Standard Chartered website.

6. DBS Bank

DBS Bank, headquartered in Singapore, is another major financial institution exploring blockchain-based banking services.

The bank introduced DBS Token Services, which integrates blockchain-enabled capabilities into institutional transaction banking.

These services include treasury tokens, conditional payments, and programmable rewards. Such applications allow financial institutions to explore ways of automating payments and managing digital representations of money.

DBS has also participated in Partior, a blockchain-based financial infrastructure platform designed to support cross-border clearing and settlement.

How DBS Uses Blockchain Technology

DBS uses blockchain-related technology to explore:

• Institutional payment services.
• Programmable money.
• Cross-border settlement.
• Digital asset management.
• Automated financial transactions.

For example, programmable payment systems can be designed to release funds when specific conditions are satisfied.

This may reduce manual work and improve the coordination of certain financial transactions.

DBS’s initiatives demonstrate how banks can integrate blockchain capabilities into existing financial services.

For more information, visit the official DBS website.

7. Deutsche Bank

Deutsche Bank has also participated in blockchain-based payment initiatives.

In September 2025, the bank announced that it had completed its first euro-denominated cross-border payment through Partior’s blockchain platform, working with DBS Bank.

This transaction demonstrated how financial institutions can use blockchain infrastructure to coordinate international payments and settlement.

How Deutsche Bank Uses Blockchain Technology

The bank’s blockchain-related activities include:

• Exploring cross-border payment solutions.
• Supporting digital financial infrastructure.
• Improving transaction settlement.
• Investigating digital asset applications.
• Working with other institutions on blockchain-powered financial services.

One potential benefit of blockchain-based settlement is improved visibility into transaction progress. Depending on the system, participating institutions may also be able to reduce certain reconciliation processes.

However, the actual benefits depend on the payment network and how it connects to existing banking infrastructure.

For more information, visit the official Deutsche Bank website.

8. ANZ Bank

ANZ is an Australian financial institution involved in blockchain-related financial infrastructure initiatives.

The bank has participated in efforts to explore blockchain-based payment systems and tokenized deposits.

These projects aim to improve the way financial institutions transfer money and coordinate settlement.

How ANZ Uses Blockchain Technology

Potential applications include:

• Cross-border payments.
• Digital representations of bank deposits.
• Shared transaction records.
• Improved settlement processes.
• Financial infrastructure development.

Blockchain-based payment systems may help institutions coordinate transactions across different markets, although the benefits depend on the participating banks and technical arrangements.

Participation in a pilot project does not mean that every blockchain-related service is commercially available to all customers.

For more information, visit the official ANZ website.

9. BNP Paribas

BNP Paribas is a major international bank involved in digital financial services and blockchain-related initiatives.

The bank has explored digital assets, tokenization, and blockchain infrastructure for financial markets.

Tokenization allows financial assets or rights to be represented digitally, potentially making certain processes more efficient.

How BNP Paribas Uses Blockchain Technology

Its blockchain-related activities include:

• Exploring digital securities.
• Investigating tokenized financial assets.
• Participating in financial infrastructure initiatives.
• Supporting developments in digital finance.
• Exploring ways to improve settlement processes.

These applications may help financial institutions manage financial assets and coordinate transactions.

However, the exact services available depend on the project and the type of customer involved.

For more information, visit the official BNP Paribas website.

10. UBS

UBS is another financial institution that has explored blockchain technology and digital assets.

The bank’s activities include work involving tokenized financial products and blockchain-based investment services.

Tokenization can create digital representations of financial instruments, potentially helping institutions manage ownership records and certain transaction processes.

How UBS Uses Blockchain Technology

UBS’s blockchain-related work includes:

• Exploring tokenized investment products.
• Investigating digital asset management.
• Supporting developments in digital securities.
• Exploring blockchain-based financial transactions.

Blockchain applications may provide new ways to issue, transfer, and manage financial assets.

However, some products are intended only for eligible professional or institutional investors, rather than the general public.

For more information, visit the official UBS website.

11. Wells Fargo

Wells Fargo is among the financial institutions involved in blockchain-based financial infrastructure initiatives.

Its participation in industry projects reflects the broader interest among banks in using distributed-ledger technology to improve payment systems and financial settlement.

How Wells Fargo Uses Blockchain Technology

Potential applications include:

• Cross-border payment settlement.
• Tokenized deposits.
• Shared transaction records.
• Digital financial infrastructure.
• Improvements in transaction processing.

These applications may help participating institutions coordinate financial transactions more effectively.

However, participation in an industry initiative does not necessarily mean that ordinary customers can directly use blockchain through their standard bank accounts.

For more information, visit the official Wells Fargo website.

12. FirstBank Nigeria

Blockchain technology is also attracting attention in Nigeria’s financial industry.

FirstBank Nigeria was reported in July 2024 as one of the Nigerian banks joining Zone’s blockchain-powered payment network.

Zone is a Nigerian payment infrastructure company that uses blockchain technology to support payment processing among participating financial institutions.

The goal is to improve how payments are processed and settled between banks and other financial service providers.

How FirstBank Is Connected to Blockchain Technology

Its reported participation in Zone’s network relates to blockchain-based payment infrastructure rather than an announcement that all its banking services use blockchain.

Potential benefits of such infrastructure include:

• Improving payment processing.
• Supporting communication between participating institutions.
• Improving transaction reconciliation.
• Increasing visibility into payment status.

This is an important example of blockchain adoption within Nigeria’s financial sector.

For more information, visit the official FirstBank Nigeria website.

13. United Bank for Africa (UBA)

United Bank for Africa, commonly known as UBA, was also reported to have joined Zone’s decentralized payment network in 2024.

The network uses blockchain technology to support payment processing between participating financial institutions.

This reflects the growing interest in using digital infrastructure to improve payment services across African markets.

How UBA Is Connected to Blockchain Technology

UBA’s reported participation is associated with blockchain-powered payment infrastructure.

Potential applications include:

• Supporting payment processing between financial institutions.
• Improving transaction coordination.
• Reducing some reconciliation challenges.
• Supporting developments in digital banking infrastructure.

The exact services available to UBA customers depend on the bank’s implementation and the products it offers.

For more information, visit the official UBA website.

14. Zenith Bank

Zenith Bank is another Nigerian financial institution reported to have joined Zone’s blockchain-based payment network in 2024.

The network is designed to connect participating financial institutions through payment infrastructure that uses blockchain technology.

The aim is to improve the way transactions are processed and settled across the participating network.

How Zenith Bank Is Connected to Blockchain Technology

Its reported participation in Zone’s network relates to payment processing and financial infrastructure.

Potential benefits include:

• Improved coordination between payment providers.
• Better visibility into transaction processing.
• More efficient reconciliation.
• Support for modern digital payment systems.

This does not mean that Zenith Bank automatically offers Bitcoin or Ethereum trading through ordinary customer accounts.

For more information, visit the official Zenith Bank website.

15. Why Are Banks Adopting Blockchain Technology?

Banks are exploring blockchain because it may help improve certain financial processes.

Faster Cross-Border Payments

International payments may involve several financial institutions and intermediaries. Blockchain-based systems can help participating institutions coordinate transactions and settlement.

The actual speed depends on the system, participating institutions, compliance checks, and other requirements.

Reduced Administrative Work

Traditional financial transactions can require multiple institutions to record and reconcile the same information.

A shared ledger may reduce duplication by allowing authorized participants to work from a common transaction record.

However, blockchain systems still require maintenance, security, and operational support.

Improved Transaction Transparency

Blockchain can provide a verifiable record of transactions for authorized participants.

This may help banks monitor payment progress and reconcile records more efficiently.

Privacy depends on how the network is designed and which participants have access to transaction information.

Better Financial Settlement

Some financial transactions involve delays between agreeing to a transaction and completing the transfer of money or assets.

Blockchain-based systems can coordinate these steps and may reduce settlement times in suitable circumstances.

Digital Asset Tokenization

Banks can use tokenization to represent deposits, bonds, and other financial instruments digitally.

This may create opportunities to improve the management and transfer of certain financial assets.

Automated Financial Services

Smart contracts can execute predefined actions when specified conditions are met.

For example, a financial system could be designed to coordinate payment with the transfer of an asset. Such automation may reduce manual processing, although software vulnerabilities and operational risks remain.

16. Does Using Blockchain Mean a Bank Supports Bitcoin?

No. A bank can use blockchain technology without offering Bitcoin, Ethereum, or other cryptocurrencies to its customers.

Blockchain is the underlying technology, while Bitcoin and Ethereum are particular digital assets and blockchain networks.

Banks may use private or permissioned networks to process transactions between approved institutions. They may also use blockchain technology to create tokenized representations of conventional bank deposits.

For example, JPM Coin represents a bank deposit within JPMorgan’s banking framework. It is not the same as Bitcoin.

Similarly, tokenized bank deposits are designed to represent deposits held through a bank rather than automatically converting customers’ accounts into cryptocurrency.

Therefore, it is important to distinguish between a bank using blockchain infrastructure and a bank offering cryptocurrency investment products.

17. What Is the Future of Blockchain in Banking?

Blockchain technology could play an increasingly important role in international payments, digital asset management, securities settlement, and tokenized financial products.

Banks are investigating whether shared-ledger systems can make financial transactions more efficient while meeting regulatory and security requirements.

One important development is collaboration between financial institutions on common infrastructure.

For example, SWIFT has announced initiatives involving banks exploring blockchain-based ledger technology for tokenized deposits and cross-border payments.

Such projects demonstrate that banks are considering how blockchain might connect with established financial networks rather than necessarily replacing them.

However, several challenges remain.

These include regulatory uncertainty, cybersecurity, privacy, compatibility between different systems, and the cost of integrating new technology with existing banking infrastructure.

Blockchain adoption will depend on whether its benefits justify these costs and challenges.

Frequently Asked Questions (FAQs)

1. Which major banks are using blockchain technology?

Major banks that have used, implemented, or explored blockchain-related financial services include JPMorgan Chase, Citi, HSBC, Standard Chartered, DBS Bank, Deutsche Bank, ANZ, BNP Paribas, UBS, and Wells Fargo.

The specific applications differ, and some initiatives are pilots rather than widely available commercial services.

2. Which banks in Nigeria are connected to blockchain technology?

FirstBank Nigeria, United Bank for Africa, and Zenith Bank were reported in 2024 as participants in Zone’s blockchain-powered payment network.

Their reported participation relates to payment infrastructure and does not establish that every banking service they provide uses blockchain.

3. Do banks use blockchain for international payments?

Yes. Some banks use or test blockchain-based systems for cross-border payments and settlement. The aim is to improve transaction processing and coordination between participating financial institutions.

4. Can I buy Bitcoin directly from a bank that uses blockchain?

Not necessarily. A bank’s use of blockchain does not mean it offers cryptocurrency trading. Customers should contact their bank to confirm whether it provides cryptocurrency-related services in their country.

5. Is blockchain technology safe for banking?

Blockchain can provide useful security and record-keeping features, but it is not completely risk-free. Risks may include software vulnerabilities, cyberattacks, operational failures, privacy problems, and weaknesses in how a system is managed.

6. Why do banks use blockchain instead of traditional databases?

Banks may use blockchain when a shared transaction record between multiple participants offers advantages over separate databases. However, traditional databases remain suitable for many banking operations. Blockchain is not automatically the best solution for every financial process.

7. Will blockchain replace traditional banking?

Blockchain is more likely to change certain banking operations than eliminate banks entirely. Financial institutions will continue to provide services such as lending, account management, compliance, and financial advice, although the technology used to deliver those services may evolve.

Conclusion

Blockchain technology is changing the way some financial institutions approach payments, settlement, digital assets, and financial record-keeping.

Major international banks such as JPMorgan Chase, Citi, HSBC, Standard Chartered, DBS Bank, Deutsche Bank, ANZ, BNP Paribas, UBS, and Wells Fargo have been involved in blockchain-related services or initiatives. In Nigeria, FirstBank, UBA, and Zenith Bank have been reported as participants in Zone’s blockchain-powered payment network.

These examples demonstrate that blockchain is not limited to cryptocurrency. It can also support the infrastructure used to process and manage conventional financial transactions.

However, banks differ in their level of adoption, and some projects remain in the testing or development stage. A bank using blockchain does not necessarily offer Bitcoin or Ethereum trading to its customers.

As technology develops, blockchain may become an increasingly important part of digital banking, but its long-term success will depend on security, regulation, interoperability, and practical benefits.

Disclaimer: This article is for educational and informational purposes only. Blockchain services and their availability may differ by country, customer type, and financial institution. Contact the relevant bank for the latest information about its services.