Banco Santander SA, Spain's largest lender, named former JPMorgan executive Blythe Masters its senior blockchain adviser as banks race to find new uses for the technology behind virtual currency Bitcoin.

Santander is one of several banks investing in this sector to avoid being left behind by fintech start-ups. Citigroup, BNP Paribas and Goldman Sachs are among other big global banks that have invested in the technology.

Masters has been leading the charge into blockchain by financiers.