Share this article
MUFG, Standard Chartered Plan Blockchain Payments Launch for 2018
A group of international banks is reportedly planning the 2018 launch of cross-border payment services backed by blockchain.
By Stan Higgins
Updated Sep 11, 2021, 1:12 p.m. Published Mar 31, 2017, 1:08 p.m.
Make us preferred on Google
A group of international banks is reportedly planning the launch of cross-border payment services backed by blockchain.
According to Nikkei, the group – which includes Bank of Tokyo-Mitsubishi UFJ, Standard Chartered, Bank of America Merrill Lynch, Banco Santander, the Royal Bank of Scotland and the Canadian Imperial Bank of Commerce – is eyeing a 2018 launch, with a focus on both retail and commercial customers. Distributed ledger startup Ripple will provide the underlying technology, the paper said.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The past year has seen a number of banks worldwide test blockchain tech for cross-border payment purposes, including some who have trialed Ripple’s platform for this purpose. These include banks in India, Asia, Europe and the Middle East.
payments have emerged as an appealing use case in the financial industry, even drawing the attention of some central banks.
Yet, the new service being envisioned by the group could see use beyond just cross-border payments, according to Nikkei.
The institutions are said to be weighing additional resources utilizing blockchain, including mechanisms that would enable the settlement of inter-bank agreements.
"The seven banks are also mulling taking that innovation beyond wiring money. This could pave the way for integrating sales agreements with payment settlements at banking institutions," the paper said.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which as an ownership stake in Ripple.
MUFG image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Silver nears $1 billion in volume on Hyperliquid as bitcoin remains frozen: Asia Morning Briefing
Silver perps have more volume on Hyperliquid than SOL or XRP.
What to know:
- Silver futures on the Hyperliquid crypto derivatives exchange have surged to become one of its most active markets, ranking just behind bitcoin and ether in trading volume.
- The SILVER-USDC contract’s high volume, sizable open interest and slightly negative funding suggest traders are using crypto infrastructure for volatility and hedging in macro commodities rather than for directional crypto bets.
- Bitcoin is holding near $88,000 in a "defensive equilibrium" with cooling ETF inflows, uneven derivatives positioning and rising demand for downside protection, while ether lags and capital rotates toward hard assets like gold and silver.
Top Stories
