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

Share your thoughts

Shutterstock is the image partner of MyBroadband – more technology images

Join the conversation

Connect with Us

androidappletwitterfacebookgoogleplusfeednewsletter

Poll

If South Africa was to have only one capital, which city should it be?

View Results

Loading ... Loading ...

More News

Awesome deals on tech and gadgets

Tech Deals Specials blue

If you’ve clicked on this article, you must be here for the best tech and gadget deals in South Africa this weekend – and the Staff Writer’s “hilarious” joke, of course.

No lead agency yet for SA Connect: South African government

South Africa

Government says it hasn’t yet selected the “lead agent” for its R740m municipal broadband project, despite indications that Telkom could win the deal.

Massive number of South African websites hacked by Anonymous

Anonymous South Africa TobitowTHA defacements

A self-titled Anonymous hacker has claimed responsibility for defacing a number of South African websites as part of #OpAfrica.

Anonymous hacks SA government database

Anonymous Always

Members of the hacktivist collective Anonymous have reportedly hacked the Government Communications and Information Systems department.

X

Newsletter Subscription


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


Free MyBroadband Newsletter
Subscribe
x