Standard Bank Bitcoin pilot project in SA

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

By - February 13, 2014
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?

Forum discussion

Shutterstock is the image partner of MyBroadband – more technology images

Join the conversation

Connect with Us

androidappletwitterfacebookgoogleplusfeednewsletter

Poll

Do you have an uncapped broadband account?

View Results

Loading ... Loading ...

More News

ANC won’t answer signal jamming questions

No cellphone signal

Deputy President Cyril Ramaphosa was accused of hiding behind the sub judice rule on Wednesday when he declined to answer a question in Parliament on signal jamming

Massive solar thermal electricity plant launched in South Africa

Kaxu launch

KaXu Solar One, the biggest solar thermal electricity plant in the southern hemisphere, was opened in the Northern Cape this week

Gareth Cliff not going to Highveld Stereo

Gareth Cliff

Gareth Cliff and Primedia have dismissed rumours that he is in negotiations to take over the 947 Highveld Stereo breakfast show

Suspected copper cable thieves arrested

Copper wires

Two suspected cable thieves were arrested in Germiston early Wednesday morning

X

Newsletter Subscription


Name
Email *
Enter the following to confirm your subscription *
Captcha image


Free MyBroadband Newsletter
Subscribe
X
bool(true)