Category - Ela BILGIN

This article examines the paradigm shift within the banking sector's approach to cryptocurrency and blockchain technology. Initially, major financial institutions like Citigroup, JPMorgan, HSBC, and Goldman Sachs viewed these innovations with skepticism, primarily due to concerns about regulatory compliance, security, and market volatility. However, as the potential of blockchain for revolutionizing aspects such as cross-border payments, trade finance, and overall transaction efficiency became evident, these banks began to adapt and integrate these technologies into their operations. Through a series of case studies, this paper explores the journey of these banks from their initial resistance to a more embracing stance, highlighting key developments such as Citigroup's Citicoin, JPMorgan's JPM Coin and Onyx division, HSBC's application of blockchain in trade finance, and Goldman Sachs' establishment of a cryptocurrency trading desk. This analysis not only sheds light on the evolving...