TechCrunch, 1/1/0001 12:00 AM PST
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Business Insider, 1/1/0001 12:00 AM PST When bitcoin first emerged banks didn't want anything to do with it. But a few years down the line and pretty much all of them are looking at it. Although no British High Street banks currently accept bitcoin — Barclays is tipped to become the first — many of them are experimenting to varying degrees with the record-keeping technology that underpins it, the blockchain. Earlier this month 9 leading banks formed a partnership, headed by startup R3, to create a common "fabric" of blockchain for mainstream banking — essentially establishing the ground rules. The blockchain software works like a distributed ledger, recording and enabling transactions. It essentially eliminates the need for a trusted middleman to sit in between an exchange, as the software itself acts as the trusted middleman. This has the potential to make transactions quicker, cheaper, and easier than currently possible, and also has potential applications for things like issuing shares. Check out what the banks are up to, ranked from least to most advanced on bitcoin and blockchain adoption. 14. MORGAN STANLEY: 'totally surreal'![]() Morgan Stanley has been cautious in its approach to cryptocurrency. The bank hosted an event centered around the cryptocurrency at its New York headquarters last March, but CEO James Gorman has called bitcoin "totally surreal." 13. LLOYDS: hackathon sponsor![]() Lloyds has been one of the quietest when it comes to dealing with bitcoin and the blockchain. The bank has published a guide to the cryptocurrency on its website, but beyond that has only sponsored hackathons dealing with the technology. 12. BNP PARIBAS: adding bitcoin to a currency fund, maybe![]() BNP Paribas analyst Johann Palychata has written several notes on the history and potential application of bitcoin and the blockchain, looking at its use in payments, securities issuing, fund distribution, and international trades. The bank is also reportedly looking at ways of incorporating bitcoin into one of its currency funds, according to the International Business Times. See the rest of the story at Business Insider NOW WATCH: This is how rapper 50 Cent made millions and then lost it |
CoinDesk, 1/1/0001 12:00 AM PST Are you up to date with the latest bitcoin and blockchain related news? Test your knowledge with our latest quiz. |