United Kingdom-based bank Barclays has signed a proof-of-concept agreement with bitcoin exchange Safello to explore how blockchain technologies could be used to improve the financial services sector. Safello is one of the 10 fintech companies which received consulting and funds from the 13-week Barclays Accelerator program in London.
If a Tier I bank signing a proof-of-concept with a bitcoin company isn’t a sign of the times then I don’t know what is … their attitude is changing and it is changing fast,
said Safello CEO Frank Schuil.
The announcement coincides with a dramatic increase in the number of banks experimenting with distributed ledgers to record banking transactions. Blockchain technology has the potential to make this record-keeping more efficient and reliable if implemented on a broader scale. Barclays also hopes to reach the millennial demographic more effectively, which banks have had little success in doing thus far.
Read more here – “Barclays is Experimenting with Bitcoin’s Blockchain,” (Oscar Williams-Grut, Business Insider).