Standard Bank Bitcoin pilot project in SA

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

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Standard Bank Bitcoin pilot project in SA