UK Banking Giant Barclays to Allow Charities to Accept Bitcoin – The Basics about Cryptocurrency

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 suggest the bank is steadily increasing its efforts to understand and implement bitcoin and blockchain technology.

Earlier this year, Barclays revealed it was pursuing a proof of concept with European exchange and services provider Safello, a move that followed March news that it had accepted three industry firms into its FinTech accelerator program.