U.K. bank Barclays has inked a deal with two startups that are innovating in the hottest topic for financial services today: blockchain technology.
Reports in Finextra yesterday (Oct. 14) said Barclays has chosen two startups from its New York accelerator program to sign contracts with for their blockchain focus. Bitcoin compliance startup Chainalysis and trade finance startup Wave are the two firms that scored Barclays contracts, according to reports.
The companies are two among eight total companies that Barclays inked deals with at the conclusion of the program.
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For Barclays, the bank’s Chief Design Officer Derek White told reporters that the blockchain partnerships are a “game changer.”
Chainalysis, based in Switzerland, will reportedly work with Barclays to introduce new security services and cybercrime protection for banks that want to transact with corporate customers using bitcoin and blockchain technology.
Wave is innovating in the space of paperless electronic payments processing using blockchain technology, reports added.
This isn’t the first foray into the blockchain for Barclays. The bank has inked a collaboration with Safello, which also graduated from its accelerator program, which develops solutions for bitcoin in the charitable donations space, reports said. Plus, Barclays is one of several other banks that are working with innovator R3 to explore potential use cases for the blockchain.
According to Finextra, Barclays told reporters that it is considering 43 potential real-world applications for the blockchain, including uses for corporate payments, treasury management and supply chain finance.
Reports emerged only days ago that Barclays is on the verge of naming a new CEO. Reports in The Wall Street Journal Monday (Oct. 12) said former JPMorgan Chase executive James Staley will likely be tapped as Barclays’ new CEO.
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