Share this article
BNY Mellon: Blockchain Tech Could Transform Payments
Blockchain technology could potentially transform payments, says a new report by American multinational banking corporation BNY Mellon.
Updated Dec 10, 2022, 8:01 p.m. Published Oct 8, 2015, 3:01 p.m.
Make us preferred on Google
Blockchain technology could potentially transform payments, says a new report by American multinational banking corporation BNY Mellon.
Although the report – titled " Innovation in Payments: The Future is FinTechhttps://www.bnymellon.com/_global-assets/pdf/our-thinking/innovation-in-payments-the-future-is-fintech.pdf"– notes that bitcoin may not survive in the long-term, the blockchain, it says, could help to reduce risk, transaction costs and improve speed, efficiency and transparency in the realm of payments.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The report goes on to assert that this process does not come without a set of challenges:
"Indeed, blockchain technology presents a number of challenges that have yet to be resolved, such as managing the ever-increasing length of the chain itself (a problem referred to as 'blockchain bloat'), as well as how banks can reconcile the blockchain's use of pseudonyms (used as a means of ensuring anonymity) with regulators' requirements for transparency."
"So while there is clearly a great deal of potential around the blockchain, the exploration of the applicability of such technology to global corporate transactions is still in its infancy," the report continues.
Having noted the challenges, the report recommends that banks consider educating their key staff on developments, threats and opportunities in the payments business.
"Digital currencies and the blockchain in particular have the potential to significantly shake up payments, and vigilance in this area is necessary to ensure banks are not caught 'on the black foot' and remain relevant, prepared and proactive," it adds.
Crypto at BNY Mellon
The publication of the report comes after BNY Mellon was announced as one of distributed ledger startup R3 CEV's new bank partners just last week.
In April, a Wall Street Journal report said that the bank's developers had been experimenting with bitcoin's open-source code as a part of a newly created corporate recognition scheme.
As part of the programme, employees would receive the so-called "BK Coins" after contributing to the bank's software development and would be able to redeem them for rewards such as gift cards.
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
Bitcoin stuck near $88,000 as gold's and silver's record-breaking rallies show exhaustion signs
"Gold and silver casually adding an entire bitcoin market cap in a single day," wrote one crypto analyst.
What to know:
- Bitcoin is off its worst levels of the weekend, but still near the year's low at $87,700.
- Facing the same news cycle as crypto, precious metals continued to surge higher, but a quick retreat from their highs on Monday suggested a bit of exhaustion was setting in.
- Analysts remain dour on the outlook for crypto prices given the looming government shutdown as well as delays in passage of the Clarity Act.
Top Stories
