Barclays, Safello collaborate to explore use of bitcoin technology in banking industry (2)

Barclays has signed a proof of concept (PoC) with Swedish bitcoin spending platform Safello to explore blockchain technologies.

Barclays, Safello collaborate to explore use of bitcoin technology in banking industry (2)

Safello and Barclays will work together to create a new payment platform that will support bitcoins. The collaboration will begin with a PoC trial to allow for donations to be sent to charities using bitcoins.

Barclays chief design and digital officer Derek White said: “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.”

Safello is one of 10 companies signed up to the Barclays Accelerator, a startup program designed to support new businesses to deliver their breakthrough innovations in financial technology. Barclays is said to be considering partnerships with seven of those 10.