Nine major investment banks including J.P. Morgan Chase and Goldman Sachs have partnered with distributed ledger startup R3CEV. The partnership will see collaborative efforts between the institutions take shape, work that will include the development of standards for using blockchain technology within the broader financial industry. The banking group includes Credit Suisse, State Street, UBS, Commonwealth Bank of Australia, BBVA, Barclays and Royal Bank of Scotland. Many on the list have previously announced independent efforts to study blockchain tech, and the banks are said to be investing money in R3 as part of the effort, according to a report by The Financial Times. The banks and R3 will form working groups as part of the development of blockchain prototypes…
“We’ve now got over 45 experiments our businesses want to do [with Blockchain tech],” said Barclays Chief Design and Digital Officer Derek White during his conversation with Business Insider. It was recently reported that the major financial institution will let charities accept Bitcoin, however, this is just one of the many uses that the bank is contemplating with Bitcoin and the underlying blockchain technology. Derek is interested in the open ledger blockchain technology because anyone can theoretically see all the transactions and maintain a high level of transparency. In addition to this, the disruptive force is also a low-cost option to transfer money, and that is what’s drawing the attention of several leading banks such as UBS, Barclays and many others….
Barclays has recently announced to accept Bitcoin, a decentralized digital currency, as a form of donations for charities. According to the The Sunday Times, the British multinational banking services company formed a strategic partnership with an unnamed Bitcoin exchange to feed its purpose to “experiment” with the controversial payment technology. The pilot program is further believed to go on floors by the end of this year, with the sole aim to bring Bitcoin into the mainstreams. But for many, Barclays is being too cautious in its approach to embrace the Bitcoin technology. The company’s decision to limit the digital currency’s applicability to donations justifies its fears of negative outcomes. Bitcoin’s use in charities is reportedly on decline. It is…
Barclays has announced it will take its first steps toward supporting the use of bitcoin as an alternative payment method by allowing charities to accept donations in the digital currency. In a new article in The Sunday Times, the multinational financial services firm hinted that it had entered into a partnership with an unnamed “bitcoin exchange or spending platform”, and that it would seek to begin a formal rollout of the service by 2016. Barclays chief design and digital officer Derek White provided the news source with few details about the partnership, other than to state that it was in development. White told the Times: “Barclays is enabling the bitcoin exchange to help charities accept bitcoin.” The announcement follows others that…
Barclays is set to become the first UK bank to officially accept payments in Bitcoin, as reported in The Sunday Times. The multinational banking and financial services company announced recently that it is set to become the first bank in the United Kingdom to start accepting Bitcoin as a payment method. Barclays announced that they could start experimenting with Bitcoin as early as by the end of this year. Stating that Bitcoin has the potential to change financial services, Barclays revealed that it has entered into a partnership with an undisclosed Bitcoin exchange. They also revealed that they have been conducting tests and experiments into Bitcoin in different labs of London as well in collaboration with some start-ups. The aim to go into collaboration with…
Leading UK Bank Barclay’s has denied it will accept Bitcoin later this year as reported in numerous publications including The Sunday Times and Ars Technica. The report stated Barclay’s would work with an un-named Bitcoin exchange and that, at first, only charities would be able to pay bitcoins into Barclays accounts. However, CCN received an email from Barclays regarding the reports, and the bank promptly denied any such plans. “Barclays is not accepting or holding any Bitcoin as some outlets have suggested,” Barclays’ Candice Macdonald, Vice President of Group Media Relations, wrote. “No Bitcoin is travelling through Barclays systems.” We are working with some charity clients in a proof of concept to understand how…