Standard Bank pilots current account-linked bitcoin wallet

Standard Bank of South Africa has started testing a current-account linked bitcoin wallet, which has been developed by a start up firm Switchless.

Standard Bank of South Africa has started testing a current-account linked bitcoin wallet, which has been developed by a start up firm Switchless.

Speaking at Finovate Europe, Switchless co-founder Marcus Swanepoel told Finextra that his firm’s technology enables Standard Bank account holders to buy bitcoin with their sovereign currency account and store it in the secure wallet.

According to the news portal, the wallet is presently being tested by a small group inside Standard Bank and the final decision for launch of the product is yet to be taken.

The edition displayed at Finovate allows users to purchase, sell and save bitcoins from within the Standard Bank online banking portal.

Furthermore, the bank leverages online banking records to authernicate the identity of the bitcoin wallet holders.

It is also equipped with a merchant plugin that enables online retailers to accept bitcoin as payment for goods or services, according to Switchless.