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.

Standard Bank Bitcoin pilot project in SA

Bitcoin hit by DoS attacks

Bitcoin value plunges

Cyber currency here to stay

SA Bitcoin exchange service snapped up

Forum discussion

Shutterstock is the image partner of MyBroadband – more technology images

Join the conversation

Connect with Us

androidappletwitterfacebookgoogleplusfeednewsletter

Poll

Would you pay to see the Internet’s best videos first?

View Results

Loading ... Loading ...

More News

Shock mobile price hikes investigated

Smartphone iPhone money payments

The National Consumer Commission and Icasa will meet to discuss the “shock increases in cellphone tariffs”

How to make 5G even faster

5G

The capacity of today’s wireless communications networks has increased one million-fold since the introduction of the first cellular network in 1957

SKA: ready to build

SKA

The giant radio telescope will attempt to answer some of humanity’s most enigmatic questions

Minister Brown is after me: Eskom chairman

Eskom candle

Eskom chairman Zola Tsotsi fingered Public Enterprises Minister Lynne Brown for orchestrating moves to remove him from the board

X

Newsletter Subscription


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


Free MyBroadband Newsletter
Subscribe
X
bool(true)