Barclays to tap Bitcoin for charity donations

Barclays to tap Bitcoin for charity donations

Barclays is preparing a Bitcoin pilot that will enable people to make donations to charities in the cryptocurrency, according to the Sunday Times.

The bank is working with an unnamed Bitcoin exchange on the experiment, which is slated to begin by the end of the year, chief design and digital officer Derek White told the paper.

Barclays has been experimenting with Bitcoin at its labs and has also inked a proof of concept with startup Safello to explore how blockchain technologies could be harnessed in the financial sector.

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.

Swiss bank UBS is also well advanced in its experiments with the technology from its London-based cryptocurrency labs, where it has identified up to 25 use cases. One of the most promising applications is a digital coin or token that could be used to settle transactions conducted across distributed ledgers. The bank is developing the concept with startup Clearmatics and is looking to drum up industry support from other market participants.

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