Standard Bank Bitcoin pilot won’t launch

Standard Bank won’t be launching a Bitcoin trading service

By - February 13, 2014
A mock Bitcoin is displayed on a table in an illustration picture taken in Berlin

The pilot Bitcoin trading platform that was being tested at Standard Bank will not be launched to customers, a spokesperson for the bank has told MyBroadband.

This follows earlier reports that the bank had been running a Bitcoin trial using technology from Switchless, a company headquartered in Singapore with offices in Stellenbosch, South Africa.

Standard Bank said that it had embarked on the internal Bitcoin pilot project several months ago in-line with “its ongoing focus to offer customers innovative financial solutions”.

The pilot formed part of its research into “activities around Internet-based financial services and solutions offerings with the objective to assess Bitcoin, its systems, offerings, challenges and risks,” Standard Bank said.

This pilot was instituted exclusively within the bank and participation was limited to 8 selected members of staff, Standard Bank said.

“No customers participated in the pilot,” the bank added.

According to the spokesperson, Standard Bank runs such pilots constantly to improve the way it does banking and remain relevant to its customers.

“The pilot is now complete and Standard Bank has no plans to launch,” the spokesperson said.

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