One of the first major waves of Bitcoin and cryptocurrency adoption was when Wall Street players[1] began looking into Bitcoin as a speculative asset with the promise of massive gains. It split the community[2] as some embraced it, while others shunned[3] it.
Now however, banking and cryptocurrencies, especially the blockchain aspect of the digital currency, has attracted newcomers. Banks such as Goldman Sachs[4] have gone from ignoring[5] the technology to hiring a crypto trader as head of digital assets[6].
Even JP Morgan, who is headed by one of the biggest detractors of Bitcoin - Jamie Dimon - has made huge steps in the adoption and development of blockchain[7], including building its own blockchain and smart contract platform, Quorum[8].
While banking institutions’ attitudes towards Bitcoin and blockchain has changed significantly, there is still a notable attitude of blockchain over Bitcoin[9] which is still a bit counter-intuitive.
World Bank
While technically not a bank in the strictest and most-understood notion of the word, the World Bank[10] is another financial institution that is in the process of discovering the advantages that blockchain technology can bring to their specific needs.
The World Bank is viewing blockchain as a potential vehicle for building and restoring trust in financial institutions, which has fallen precipitously around the world in recent years.
The world's largest multilateral development bank is launching[11] a ‘blockchain lab’ as part of a bid to pilot projects that can improve governance and social outcomes in the developing world.
According to Vincent Launay[12], an infrastructure finance specialist at the bank, the lab was launched in June 2017
