THELOGICALINDIAN - Since its aboriginal actualization Banks positioned themselves with an acrimonious attitude appear agenda currencies Nevertheless that attitude seems to be alteration and currently abounding accepted Banks and added banking institutions are exploring and researching the abeyant of blockchain technology
Bankinter was the aboriginal coffer to aboveboard armamentarium a bitcoin company, followed by UBS and BBVA who appear to be researching the blockchain technology. Other Financial Institutions are researching blockchain technology to advance new apps while Citi’s Innovation Labs, is already testing its own cryptocurrency, Citicoin.
Today, the remittances bazaar represents a $582bn sector cat-and-mouse to be disrupted by bitcoin. Now the bunch advance coffer AXA, who is additionally a arch allowance brand, is attractive to use bitcoin to cut ongoing costs from the remittance market.
One of the accepted ally of its VC fund appear that the Multinational Investment Bank is acutely absorbed in application bitcoin to cut costs with all-embracing remittances.
An central antecedent revealed:
“we are actual absorbed in how bitcoin, and added about cryptocurrencies, ability be acclimated in the remittance market.”
Even admitting these rumors accept been confirmed, so far we haven’t apparent any bitcoin or blockchain startups actuality adjourned by AXA funding, but it looks like the Bank is already in negotiations with several remittances companies.
It seems that AXA is attractive at digital bill as an advance hypothesis. If this is activity to be done the Bank will use AXA Strategic Ventures, the bank’s $223m fund, and its accelerator, AXA Factory to advance the way.
Aside from bitcoin’s use in the remittance market, AXA is said to be researching added abeyant uses for blockchain technology in fields such as insurance, absolute estate, abundance administration and bookish property. Curiously, AXA today appear the conception of Kamet, a €100m InsurTech incubator committed to conceptualizing, ablution and accompanying confusing articles and casework for allowance clients.
This comes as accomplished account for bitcoin enthusiasts back it is the aboriginal time in bitcoin’s history that a ample Bank is aboveboard absorbed in bitcoin the bill rather than absent to use the bitcoin technology. Let’s achievement this can accessible the way for added Banks and banking institutions alpha application bitcoin.
