Since its first appearance, Banks positioned themselves with an unfriendly attitude towards digital currencies. Nevertheless, that attitude seems to be changing and currently many known Banks and other financial institutions are exploring and researching the potential of blockchain technology.
Bankinter was the first bank to openly fund a bitcoin company, followed by UBS and BBVA who revealed to be researching the blockchain technology. Other Financial Institutions are researching blockchain technology to develop new apps while Citi’s Innovation Labs, is already testing its own cryptocurrency, Citicoin.
Today, the remittances market represent a $582bn sector waiting to be disrupted by bitcoin. Now the multinational investment bank AXA, who is also a leading insurance brand, is looking to use bitcoin to cut ongoing expenses from the remittance market.
One of the general partners of its VC fund revealed that the Multinational Investment Bank is extremely interested in using bitcoin to cut expenses with international remittances.
An inside source revealed:
“we are very interested in how bitcoin, and more generally cryptocurrencies, might be used in the remittance market.”
Even though these rumors have been confirmed, so far we haven’t seen any bitcoin or blockchain startups being funded