As global financial institutions become more interested in bitcoin and blockchain technology, some are beginning to invest and work with startups they believe will empower them with the tools to one day engage with the industry.
Today, this means partnerships like that between UK banking giant Barclays and bitcoin compliance startup Chainalysis. The two companies announced in October that Barclays would work with Chainalysis, a graduate of its New York-based FinTech accelerator, to allow its financial crimes division to better understand the technology.
Now, there are signs that this partnership may be the start of a larger strategy that could be embraced by major banks. For example, Israel-based bitcoin compliance startup Polycoin was recently accepted into two incubators, one backed by financial services giant Citi and the other by Nordic banking conglomerate Nordea.
Speaking to CoinDesk, Polycoin CEO Alfred Shaffir indicated that he believes partnerships with compliance startups will be a necessary first step for any bank seeking to become more active in their work with the technology.
Shaffir told CoinDesk:
“We feel that the moment [banks] start working with the blockchain, they will need a compliance tool.”
Polycoin touts a full