As much as the financial establishment hates to admit it, Bitcoin is a major economic and technological advancement, and it’s not going anywhere. In fact, it is going everywhere banking will be in the future. Now, nine of the largest and most successful banking organizations have formed a partnership around Bitcoin’s innovative and valuable Blockchain technology, according to Reuters.
If you can’t beat ‘em, join ‘em!
In association with New York’s financial tech firm R3, the group of competitors will join forces on establishing a feasible working framework for the integration of Blockchain technology. The names involved looking to get ahead of the curve using Bitcoin technology reads like a who’s who of global economic leadership.
Goldman Sachs, Barclays, J.P. Morgan Chase, State Street, UBS, Royal Bank of Scotland, Credit Suisse, BBVA, and Commonwealth Bank of Australia are all currently signed, and more are on the way, according to R3’s CEO, David Rutter.
Rutter was formerly the head of electronic trading at ICAP Electronic Trading, one of the world’s largest interdealer brokers. He has been working on bringing together traditional banks and Bitcoin’s blockchain technology for over a year, after initially looking at becoming an investor