Banks Unite to Launch Industry-Owned Blockchain Network
The banking industry is taking steps to modernize and compete with fintech companies by launching its own blockchain network, the BankChain Alliance. This alliance comprises 39 state banking associations representing 3,283 banks with a collective $21.8 trillion in assets.
The goal of the BankChain Alliance is to create an interoperable blockchain that all members can use for various activities, including smart payments, tokenized deposits, stablecoins, and automated settlement.
Kathy Kraninger, president and CEO of the Florida Bankers Association, stated, 'This is about banks of all sizes building their own future. Through an unprecedented collaboration representing thousands of banks, BankChain Alliance is developing a secure, regulated, industry-built, and industry-owned network that allows institutions of all sizes to provide modern capabilities so they can continue serving customers safely and efficiently in rural, urban, and regional communities across the country.'
The alliance is searching for a technology partner to help build the blockchain, with a target launch date of 2027.