Standard Bank Bitcoin pilot project in SA

Standard Bank has confirmed that it is busy testing Bitcoin exchange services internally

By - February 13, 2014 Share on LinkedIn
Standard bank

News emerged from the FinovateEurope conference in London on 11 February 2014 that Standard Bank is running an internal Bitcoin trading platform trial using technology from Switchless.

Bitcoin is a digital currency known as a cryptocurrency, a digital medium of exchange that is typically defined as specifications for the use and distribution of the currency they create.

These digital coins are created mainly from “mining” – using algorithms and PC processing power to solve cyptographic problems.

In photographs posted to Twitter and the Finovate blog of a presentation by the Switchless co-founders, the Standard Bank Bitcoin platform was shown to include features to buy, sell, store, and spend Bitcoin.

Switchless South Africa was asked to confirm the reports based on their presentation, but declined to comment.

Standard Bank was asked for details about its trial, and a spokesperson for the bank has confirmed in the meantime that they are testing a Bitcoin trading platform internally.

Standard Bank internal Bitcoin pilot with Switchless, FinovateEurope 2014

Standard Bank internal Bitcoin pilot with Switchless, FinovateEurope 2014

Bitcoin hit by DoS attacks

Bitcoin value plunges

How Bitcoins have been used in South Africa

SA Bitcoin exchange service snapped up (Switchless bought a South African Bitcoin exchange)

SA mobile operator to integrate Bitcoin cryptocurrency?

Share your thoughts

Join the conversation

Connect with Us

androidappletwitterfacebookgoogleplusfeednewsletter

Poll

Would you prefer a 30-hour workweek for 75% pay, or a 40-hour week for full pay?

View Results

Loading ... Loading ...

More News

The massive companies Zuma is now in charge of

Jacob Zuma in Germany speaking

It was announced this week that the government would establish a Presidential State Owned Companies Coordinating Council, which will see President Jacob Zuma oversee the country’s parastatals.

South African who bought cellphone spying machine charged

Grabber

Johannes Cronje, the Free State businessman who bought a cellphone spying device known as a grabber, has been charged by the state – despite being promised immunity.

Guptas to sell all their South African businesses

Gupta-2

The Gupta family has stated it plans to dispose of all the stakes it holds in South African businesses before the end of 2016.

Interview with the inventor of Apple’s first computer

Steve Wozniak

If you haven’t heard of Steve Wozniak, it is because he has been overshadowed by his fellow co-founder of Apple, Steve Jobs.

Free MyBroadband Newsletter
×