The UK’s big banks are all experimenting with the technology underpinning Bitcoin, as reports suggest the Blockchain could save up to £12.5bn a year.
Barclays is the latest name to be linked with Blockchain technology, the system which records and tracks Bitcoin transactions on a public ledger, and is exploring its potential to boost the financial services sector.
The financial giant has partnered with fintech start-up Safello to sign a proof-of-concept that will test Bitcoin’s compatibility with traditional banking.
Swedish-based Safello, a Bitcoin exchange for European customers, was one of three Bitcoin start-ups accepted onto Barclays "13 week" fintech accelerator programme.
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