BNP Paribas Testing Plans to Add Bitcoin to its Currency Funds

France’s biggest bank BNP Paribas is reportedly testing the idea of adding bitcoin to one of its currency funds, a source at the bank told International Business Times UK. The unnamed source said that BNP Paribas has been doing “beta testing” involving cryptocurrency, and the official announcement could come in the near future. A spokeswoman for BNP Paribas told International Business Times UK: “We are looking at blockchain technology and how it can be applied to post trade processes to make things faster and potentially cheaper but it’s all very much projects and it’s all in testing. It’s nothing live.”

BNP Paribas, headquartered in Paris, was formed through the merger of Banque Nationale de Paris (BNP) and Paribas in 2000. It’s one of the largest banks in the world. Based on 2012 information BNP Paribas was ranked as the third-largest bank in the world, as measured by total assets, by Bloomberg and Forbes.

In November, writing on Quintessence, the financial magazine of BNP Paribas, financial securities research analyst Johann Palychata argued that bitcoin and other digital currencies could shake up traditional banking and financial services.

The analyst noted “the slow emergence of an ecosystem to accommodate a

Read more ... source: Bitcoin Magazine