Barclays signs deals with blockchain startups; Hyperledger wins Innotribe contest

Barclays signs deals with blockchain startups; Hyperledger wins Innotribe contest

Barclays Bank has reportedly signed contracts with two blockchain technology startups who participated in the bank's New York accelerator programme, further underscoring its interest in the emerging technology.

The blockchain deals were among eight contracts signed by Barclays with startups emerging from its 13-week fintech accelerator programme in New York, according to the New York Business Journal.

Derek White, Barclays chief design officer, described the pacts with bitcoin compliance firm Chainalysis and trade finance outfit Wave as a "game changer" for the bank.

Wave is experimenting with an electronic, paperless Bills of Lading process using blockchain technology, while Swiss-based Chainalysis, is working with Barclays financial crime and security teams to help the bank transact with companies in the bitcoin and blockchain space.

Barclays has been experimenting with Bitcoin at its labs and has also inked a proof of concept with another accelerator alumni Safello to explore the use of bitcoin in charitable donations.

The UK bank says it has 43 potential applications for blockchain development under investigation covering all facets of the business, from identity to corporate payments in treasury, and supply chain finance.

Bitcoin and the blockchain have been hot topics at the annual Sibos conference in Singapore, so it is perhaps fitting that the winner of this year's Innotribe startup content at the show is Hyperledger, which uses a distributed ledger to allow banks and other financial institutions to clear and settle transactions in real-time. The company, which walks away from the event with a $50,000 prize, was recently acquired by Digital Asset Holdings, the cryptocurreny outfit helmed by former JP Morgan big wig Blythe Master.

Comments: (1)

A Finextra member
A Finextra member 14 October, 2015, 12:03Be the first to give this comment the thumbs up 0 likes

Hyperledger wins Innotribe contest. Congrats!! And to all the Innotribe presenters, congrats to you too.  Really good innovative stuff was presented.

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