ItBit Reveals Bankchain Project Won't Use Bitcoin
ItBit has revealed new details about its formerly top-secret Bankchain project, a private consensus-based ledger system aimed at appealing to enterprise financial institutions. With the formal unveiling, the New York-based bitcoin exchange has joined the number of blockchain firms seeking to compete for the attention of banks that want to utilize the efficiencies of distributed databases without using bitcoin or its blockchain. In a new interview, Steve Wager, head of global operations for itBit, spoke at length about the project, rumors of which first began surfacing in late July.....
Related News
itBit disclosed further details on its Bankchain Project, citing that it will be based on the distributed ledger concept but will not use bitcoin. This project aims to create a private consensus-based ledger for applications to be used in the financial industry. More and more banks and financial institutions are looking into the potential usages of blockchain or the public ledger of bitcoin transactions in record-keeping or trade settlement. Some banks such as Westpac and ANZ in Australia are currently working with blockchain-related companies in order to explore this technology further.....
New York-based bitcoin exchange itBit is set to host a private gathering of financial industry professionals on Monday, 27th July. The all-day, invite-only "Bankchain Discovery Summit" will be held at one of the city's Convene locations, a meeting space provider operating in both New York and Washington, DC. Expected attendees are said to draw largely from major banks, brokerages and exchanges. An invitation obtained by CoinDesk reads: "Join us for the inaugural itBit Bankchain Discovery Summit. Interact with industry peers, hear from our panel of experts and address topical blockchain use....
A series of recent departures at itBit have left the company looking much different than it did just a few months ago. Following the release of itBit's enterprise clearing and settlement network Bankchain last year, three directors (and at least three other employees) have gone on to other endeavors. The exits appear to come amid a larger company transformation from bitcoin-only exchange to enterprise blockchain service provider. Multiple former employees have confirmed with CoinDesk that at least seven itBit employees have transitioned to other companies in that time. Only six have....
In April, Bitcoin Magazine reported that Bitcoin exchange itBit had filed for a banking license in New York. Later in May, itBit was granted a trust charter by the New York Department of Financial Services (NYFDS) under New York State banking law, the first such charter granted to a digital currency company by the NYDFS. ItBit also announced the successful completion of a $25 million Series A funding round. On September 2, itBit announced the appointments of Daniel "Danny" Alter as the company's new general counsel and chief compliance officer, and Kim Petry as chief financial officer.....
Last summer the blockchain company itBit announced a secret project called Bankchain. The private digital ledger-based system is a clearing and settlement solution for financial institutions. Now the company has announced it is expanding further to streamline its services in London, the Middle East, and Africa. The Wall Street-based firm has hired Jason Nabi from Societe Generale to the itBit team’s EMEA sector. Nabi is said to have extensive business leadership by spending over 20 years in securities services and post-trade operations. The blockchain company’s latest advisor has spent his....