Standard Bank pulled plug on Bitcoin idea - TechCentral

Standard Bank pulled plug on Bitcoin idea


Standard Bank has no plans to launch a Bitcoin trading portal after all. Bank spokesman Ross Linstrom has poured cold water on speculation that it is gearing up to launch the platform, saying it was part of a pilot project that was shelved.

A discussion forum on Reddit suggested that a Stellenbosch-based company called Switchless was developing a “fully operational and integrated Bitcoin portal system” for the South African-headquartered multinational banking group.

Screenshots of the internal pilot system were showcased at the Finovate Europe 2014 conference that took place in London on 11 and 12 February, leading to hot debate on Reddit about Standard Bank’s plans.

Linstrom tells TechCentral that Standard Bank embarked on an internal pilot project several months ago. “The pilot formed part of Standard Bank’s research into activities around Internet-based financial services and solutions, with the objective to assess Bitcoin, its systems, offerings, challenges and risks.”

It was instituted exclusively within the bank, and participation was limited to eight selected members of staff. No customers participated in the pilot, says Linstrom.

“Standard Bank runs such pilots to constantly improve the way it does banking in order to remain relevant to its customers and cater for their ever changing needs.”

“The pilot is now complete and Standard Bank has no plans to launch.”  — (c) 2014 NewsCentral Media

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