Digital Currencies And Traditional Finance Living In Harmony At Barclays

Barclays PLC (ADR) BCS is embracing the digital revolution, according to the firm's Chief Design and Digital Officer Derek White. The bank has signed on to a proof-of-concept trial with bitcoin exchange operator Safello in an effort to keep up with the growing popularity of digital currencies.

Successful Program

Last year, Barclays took on 13 fintech startups as part of an accelerator program. The companies were given £20,000 in seed funding as well as help and advice from Barclays itself to get their operations off the ground. The program was designed in order to give Barlcays an edge in the increasingly digitized future, while helping smaller fintech firms find their footing. In the end, the program resulted with a promising partnership between Barclays and one of the participants—Safello.

Related Link: Bitcoin May Not Go Mainstream, But Blockchain Will

New Platform

While details about the proof-of-concept partnership haven't been released, initial comments from Safello CEO Frank Schuil sugges that the two will create a new payment platform that supports bitcoin transactions. Schuil said the trial will begin by allowing people to donate to charities using bitcoin.

Big Deal For Bitcoin

While the partnership is a big step forward for Barclays, many see it as a major milestone for the cryptocurrency community. The partnership between the two suggests that big financial firms are beginning to come around to the use of bitcoin, something that will likely help propel digital currencies into mainstream use.