The bank is teaming up with ‘bitcoin exchange’ to allow its users to make charitable donations using the new age currency.
The platform is likely to increase the speed of transaction and banks will not have to act as middleman to process the transactions.
Barclays has been collaborating with start-ups and has already started experimenting with two bitcoin ‘labs’ in London, reported The Sunday Times.
Barclays chief design and digital officer Derek White aims to invite start-ups, academics, the government to tap those who are interested in the bitcoin and blockchain community.
The bank has reportedly allocated 75 employees to look into bitcoin and block chain at offices in Notting Hill and Old Street, reported Daily Mail.
Blockchain is the database of all bitcoin transactions. Besides Barclays, UBS is reportedly planning to venture into the new age currency. Banks worldover have been looking at the feasibility of bitcoin – the uses of the digital currency as well as its underlying blockchain technology.
Barclays is said to be using a refurbished warehouse in Whitechapel, East London, to host get togethers between bitcoin enthusiasts.
