Barclays has signed off on a proof-of-concept to trial bitcoin technology.
Following an agreement with bitcoin exchange Safello, the UK bank says it will explore how blockchain technologies could bolster the financial services sector.
Speaking to CoinDesk, Safello CEO Frank Schuil said Barclays' decision reflected a wider change in traditional finance:
Schuil described the programme as a "mutual learning experience" for Barclays and Safello. While exact details of the pair's proof-of-concept are currently under wraps, he indicated Safello's bitcoin spending platform could reach an important demographic for the bank.
"Our target group are the millennials that banks find hard to reach, and we are doing it with a technology that they need to understand," he said, adding: "In that way and in other ways we are building a bridge between the traditional financial world and bitcoin."
Six other startups at the event, including blockchain-diamond-tracker Everledger, are reported to be "exploring opportunities" with Barclays.
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