Dramatic introduction and overwhelming success of the bitcoin keeps playing in heads of those eager to make easy money. New digital currencies pop up almost regularly, but they fail to enjoy the same success the bitcoin has notched up. However, another novelty in the virtual currency market seems rather promising. Five largest global banks announced their intention to create their own cryptocurrency.
Financial giants such as UBS, Deutsche Bank, Santander, Bank of New York Mellon, and ICAP teamed up to produce a specific blockchain technology, on which cryptocurrencies are based, the bitcoin in particular. The new blockchain system will allow its users to make payments and carry out transactions in digital currencies quickly.
“Today trading between banks and institutions is difficult, time-consuming and costly, which is why we all have big back offices. This is about streamlining it and making it more efficient,” said Julio Faura, head of R&D and innovation at Santander. The system is planned to be launched commercially in 2018. Meanwhile, several similar projects of other banks are underway. For instance, Citigroup is developing its own “Citicoin” solution and Goldman Sachs is working on “SETLcoin”.
