Posted October 08, 2018 14:18:31 The UK-based investment bank Barclays has put its money into bitcoin, with its chief executive John Barrow describing it as the “world’s first cryptocurrency”.
Barclays’ move comes as the bank looks to bolster its position as a major player in the burgeoning digital currency market.
The bank says bitcoin will provide a “clean, safe and secure” way to transact transactions for its customers, and that it will “reduce the risk” for its clients as a result.
“In the context of the global financial crisis, there was an opportunity to tap into a new and untapped market that was so fundamentally untapped,” said Mr Barrow.
“What we saw with bitcoin is that there was no one-size-fits-all solution to this problem.”
As a result, there is a real opportunity for our customers to benefit from a platform that is clean, safe, secure and has no centralised risk.
“This is what the world is waiting for and we are confident that this is what bitcoin offers.”
Mr Barrow told ABC Radio Melbourne that the technology underpinning bitcoin was based on technology from a technology that had already been used to pay for goods and services.
“It is a way to facilitate a lot of transactions and a lot less transaction costs,” he said.
“You don’t have to trust the intermediary, so the cost is minimal.”
If there is some sort of regulatory issue that could make it hard for some of our clients to use bitcoin, it would be a very bad time for us to invest in that platform.
“Bitcoin is a digital currency which relies on peer-to-peer transactions, which can be done in any number of ways.
In order to use the currency, a user needs to create an online wallet account which is linked to a bitcoin address.
In addition to its investment in bitcoin and other cryptocurrencies, Barclays is also a shareholder in the social networking giant Facebook.
The UK-headquartered investment bank, which is currently in the process of launching its own bitcoin exchange, is investing in a number of other cryptocurrencies.
Barclay has invested in other cryptocurrency companies, including Ethereum, Ripple and Monero.
It is also part of the investment arm of the Royal Bank of Scotland, which owns the majority of the value of the world’s major banks.
It will invest in a range of bitcoin and blockchain projects including blockchain-based virtual currencies such as Monero, Ethereum and Ripple.
It currently has no plans to invest into the crypto-currencies of the major banks, but is confident it can make money on them.”
I think there are a lot more interesting and innovative businesses that we could be investing in, which we are,” Mr Barrows said.
Mr Barrows says that his firm is a “bitcoin investor” and that his aim is to “develop the technology that will allow us to make money in the world of digital currencies”.
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