Beyond Cryptocurrency: How Web3 is Revolutionizing Global Banking
These days, more and more people are starting to understand what Bitcoin, blockchain, and the Web3 industry are. However, these concepts are often reduced to the word "cryptocurrency" without realizing how broad and multifaceted this sector is. In reality, Web3 encompasses many financial areas beyond the familiar digital assets. It includes cryptocurrency trading and innovative technologies for the banking sector, decentralized finance (DeFi), asset tokenization, and much more.
Many people perceive Web3 solely as a speculative asset market where digital coins can be traded. However, today, some of the world’s largest companies, governments, and private investors are actively developing and implementing advanced blockchain-based technologies. These developments cover various areas—from digital identities and international payment systems to decentralized exchanges and smart contracts. Blockchain is becoming an integral part of the global economy, helping to improve the transparency and security of financial transactions.
In today’s article, Coinmooner wants to share with readers which central global banks are most actively and successfully integrating Web3 technologies into their operations. Despite the conservative nature of the banking sector, some of these banks are at the forefront of digital transformation, implementing blockchain and decentralized solutions in their financial processes. These innovations allow banks to speed up international transfers, reduce operational costs, and offer customers new, more secure financial products.
Let’s dive into the details and explore the three largest global banks that have not only recognized the potential of Web3 but have also become active participants in it. We’ll discuss the technologies they are using, how this affects their clients, and what the future of the financial sector may look like in the blockchain era.
BBVA
The first bank our Coinmooner team wants to discuss in this article is BBVA(Banco Bilbao Vizcaya Argentaria)—one of the largest banks in Spain and Europe, founded in 1988 as a result of the merger between Banco Bilbao and Banco Vizcaya. However, its roots go even more profound—Banco Bilbao was founded in 1857, and Banco Vizcaya was established in 1901. In 1999, the bank merged with Argentaria, which led to the creation of the modern BBVA. The bank's headquarters are in Madrid, and its operations span over 30 countries, including Spain, Latin America, Turkey, and the United States.
BBVA actively implements blockchain and Web3 technologies, especially in digital financial tools. In 2021, the bank became the first in Spain to offer its clients the ability to trade Bitcoin through BBVA Switzerland. BBVA also uses blockchain for cross-border payments, utilizing Hyperledger and RippleNet to ensure fast and secure money transfers. In 2023, BBVA announced the development of a tokenized deposit and digital asset system in partnership with Visa.
One of BBVA's key initiatives in Web3 is using innovative contract technology to automate banking services. The bank is exploring the potential of decentralized finance (DeFi) and developing solutions for asset tokenization, such as real estate and corporate bonds. BBVA is also considering the integration of blockchain-based digital identifiers, which would allow customers to interact with the bank and other financial institutions securely.
Interestingly, BBVA was one of the first major European banks to test the use of central bank digital currency (CBDC). As part of its experiments, the bank is working with regulators and financial institutions worldwide to explore the potential of the digital euro. BBVA is also actively investing in Web3startups, funding companies that develop innovative solutions in fintech and blockchain.
UBS
The following bank Coinmooner wants to highlight is UBS (Union Bank of Switzerland)—one of Switzerland's largest and oldest banks, known for its asset management and investment banking services. The bank was founded in 1862 in Winterthur, Switzerland, as Bank in Winterthur, and in 1912, it merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS). In 1998, UBS merged with Swiss Bank Corporation (SBC), creating a modern structure that manages assets worth trillions of dollars and operates in over 50 countries.
UBS is actively developing blockchain technologies and Web3, integrating them into its financial infrastructure. In 2022, the bank launched its first tokenized bond on the Ethereum blockchain, becoming the first among large traditional banks. UBS is also working on central bank digital currency (CBDC) projects and participating in testing the digital Swiss franc.
The bank has integrated blockchain into the clearing and settlement process, significantly reducing the time needed to process financial transactions.
One of UBS’s key Web3 projects is UBS Tokenize, a platform for tokenizing various assets, including real estate, bonds, and securities. The bank is also developing solutions for using smart contracts in automated financial operations, increasing transparency and reducing costs. Furthermore, UBS is involved in the Project Helvetia consortium, which is testing blockchain integration into Switzerland's financial system.
An interesting fact: UBS is one of the first banks to start exploring the potential of the metaverse and Web3. In 2023, the bank launched a virtual branch in the Decentraland metaverse, offering investment and asset management consultations. UBS is also actively collaborating with fintech startups and fund,s developing decentralized finance (DeFi) and cryptocurrency solutions, making it one of the leaders in adopting blockchain technologies among traditional financial institutions.
J.P.Morgan
Lastly, Coinmooner wants to highlight JPMorgan Chase—one of the largest and oldest banks in the United States, formed through a series of mergers between major financial institutions. Its roots trace back to 1799 when The Manhattan Company was founded, one of the first banking organizations in America. The modern structure of JPMorgan Chase was established in 2000 after the merger of J.P. Morgan & Co. and Chase Manhattan Bank. Today, it is the largest bank in the U.S. by assets, operating in over 100 countries and providing commercial, investment, and private banking services.
JPMorgan Chase is a leader in integrating blockchain technologies into traditional financial operations. In 2019, the bank launched JPM Coin, the first stablecoin issued by a major financial institution. This token is used for instant international transfers and settlements between corporate clients. Additionally, the bank developed Liink, a blockchain-based platform that streamlines and accelerates interbank transactions. JPMorgan is also actively using blockchain in trade finance and clearing.
One of the bank's most significant initiatives in Web3 is Onyx, a specialized division developing blockchain solutions for the financial sector. The bank is testing digital versions of traditional financial instruments through this platform, including tokenizing bonds and deposits. JPMorgan is also involved in the Project Guardian initiative, launched by the Monetary Authority of Singapore (MAS), where decentralized finance (DeFi) is tested in a regulated environment.
An interesting fact: in 2022, JPMorgan became the first major bank to open a virtual office in the Decentraland metaverse, confirming its interest in Web3. Furthermore, the bank is actively investing in blockchain startups and developing solutions for digital identities to ensure the security of transactions in decentralized systems. JPMorgan continues to explore the potential of Web3, creating innovative tools for the future of the financial industry.
Blockchain and Web3 have already proven their value to the banking industry, and the world’s largest financial institutions continue to integrate these technologies into their operations. BBVA, UBS, and JPMorgan Chase have shown that Web3 is not just an experimental tool but an essential element of the modern financial system. Thanks to blockchain, international transfers are becoming faster and cheaper, asset tokenization is opening up new investment opportunities, and smart contracts are automating complex financial processes. These changes are shaping a new era in banking, making it more transparent, efficient, and accessible to clients worldwide.
However, as Web3 evolves, the level of cyber threats inevitably increases. The use of digital assets requires heightened attention to security, especially when it comes to personal finances. That’s why the Coinmooner team reminds its readers that in decentralized technologies, it’s crucial to apply advanced protection methods, including reliable cryptographic protocols, hardware wallets, and multi-factor authentication. Only by doing so can you protect yourself and your financial assets in the new digital economy.
