For the past few years Bitcoin has been transforming money online. Bitcoin has been very controversial, not least because it is unregulated, and its value has been rather volatile. Blockchain has also been developed, which is a technology that drives Bitcoin. It registers all activities that are carried out using this form of currency. This technology has helped in furnishing Bitcoin with some semblance of a reputation, though there are still challenges that occur as a result of tax evasion, and also fraud. Regulators also do not know how to handle Bitcoin. Nonetheless, Blockchain has been beneficial in improving the status of Bitcoin, making it more interesting to the financial industry. It is helpful to understand what banks are involved in this area, and how they have become involved. Writing for Finance Magnates, Barry Ng (2015) has summarized this in a clear and easy to understand way.
Barclays has been working with UBS (NYSE:UBS) to examine possibilities and opportunities that may come about from Ethereum. It is also working with a company called Safello which operates a payment platform which provides opportunities for donations to be made to charity