Sweden-based bitcoin exchange Safello has formed a deal with Barclays Bank to examine how blockchain tech could be utilized in the financial services sector.
The British bank revealed the deal with Safello this week as the Barclay Accelerator at the Demo Day in London showcased 10 financial technology firms, seven of which Barclays is already working with.
Barclays noted that Safello had signed a proof of concept (PoC) with Barclays to explore how blockchain technologies could be harnessed in the financial services sector.
This is the first PoC of its kind that a UK high street bank has announced with a bitcoin company
In addition, Derek White, Barclays Chief Design and Digital Officer, said:
Today is about celebrating the successes, partnership and an exciting future with some of the leading start-ups in the fintech ecosystem right now. At Barclays, we’re embracing the digital revolution, exploring innovations early on so that we can help to shape their development and co-create the future of financial services with these startups. We’re leading the industry with new pioneering technologies, which will be paramount to helping us achieve our ambition of becoming the ‘Go-To’ bank.