Barclays looks for tech provider for new blockchain settlement engine: Bloomberg
Barclays is consulting tech providers to build a blockchain platform for payments, potentially rivaling JPMorgan's decentralized efforts.Summary
Multinational bank Barclays is reportedly exploring the creation of a blockchain platform for payments and other banking processes, according to Bloomberg. The London-based giant is consulting with prospective technology providers for the development of this platform, which would position it to compete with institutions like JPMorgan and HSBC that are already utilizing decentralized technology for banking services.
Barclays' blockchain ambitions may encompass stablecoins and tokenization. This move follows similar initiatives by rivals; JPMorgan introduced tokenized deposits via JPM Coin in 2019, and HSBC has also enabled tokenized deposits. Financial institutions are exploring blockchain to enhance the transparency and efficiency of existing processes by using decentralized networks that reduce intermediary involvement and speed up settlement times.
(Source：CoinDesk)