Standard Bank Bitcoin pilot won’t launch

Standard Bank won’t be launching a Bitcoin trading service

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

Tags: bitcoin, Headline, Standard Bank, Switchless

Free Email Newsletter:
Subscribe

Shutterstock is the image partner of MyBroadband – technology images can be found here

Join the conversation

Connect with MyBB

twitterfacebookandroidappleblackberrynewsletterfeed

Poll

Do you have a generator or battery bank at home to guard against load-shedding?

View Results

Loading ... Loading ...

More News

Netflix in South Africa: be careful what you wish for

Netflix in SA

All indications are that Netflix wants to launch in South Africa (and everywhere else), but would you really stop using the US version?

Stick to the load shedding schedule, Eskom

Eskom shadow

The sudden jump between different power cut stages is making it difficult for businesses to plan ahead, undermining productivity

Hetzner’s new data centre – what you want to know

Hetzner-DC-cooling-system

We delve deeper into Hetzner’s data centre to find answers to readers’ questions about the new facility

Load shedding is due to economic growth: ANC

Stealing electricity eskom

The strain on the power grid is due to economic growth and development, ANC secretary general Gwede Mantashe said on Wednesday

Free MyBroadband Newsletter:
Subscribe
X
bool(true)