AXA is exploring ways to integrate the well-known digital currency into its remittance services.
Bitcoin offers a very efficient, secure and inexpensive way to transfer funds across borders. Bitcoin transactions are faster than most of the regular fund transfer channels currently available out there. People can send bitcoin to any place across the world in less than a couple of hours. All transactions happening over the bitcoin network is stored in a public ledger called blockchain. Banking and financial organizations dealing with fiat currency do not have such options at the moment and they have to use SWIFT or other alternative regular channels. There are also costs involved in maintaining and transmitting funds over these conventional networks.
Bitcoin has been gaining a lot of popularity lately. The rise of bitcoin adoption has started forcing banks to innovate and come up with better solutions for their customers. A recent study conducted by Santander group has also concluded that banks can save millions of dollars on operational and compliance expenses over a period of time by incorporating bitcoin and blockchain technology into their daily operations.
Most of the leading banks in the world have already started working on finding ways to incorporate the