Chainalysis: Barclays Deal is Start of Banks Opening Up to Bitcoin
It's an open secret that companies working with bitcoin funds have long faced challenges gaining access to banking services. Though few are forthcoming about this business reality, the difficulties have affected startups around the globe - from the US to India and Argentina - resulting in business interruptions and attempts by industry firms to solve the problem through innovation. A new partnership between compliance startup Chainalysis and UK financial services giant Barclays, however, could hold the keys to reversing this trend. Announced yesterday at an event celebrating the graduation....
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UK banking giant Barclays signed contracts with eight graduates of its New York-based FinTech accelerator program today, two of which will partner with the company on applications using blockchain technology. Co-hosted by TechStars, the 11 startups graduating the 13-week program included bitcoin compliance firm Chainalysis and accounting startup Wave, which will embark on the initiatives. Speaking to New York Business Journal, Barclays chief design and innovation officer Derek White called the deals with Chainalysis and Wave a "game-changer" for the bank. Barclays indicated it would....
Blockchain-based supply chain startup Wave graduated from the TechStars FinTech accelerator this week, in the process becoming the third firm to ink a deal with UK bank Barclays, which provides non-monetary support to the startup program. Though the deal may not be as impactful to the industry at large as Barclays's attempt to lift its banking blockade on bitcoin businesses with the help of Chainalysis, the bank's interest in Wave signals that enterprise banks may be interested in the application of the blockchain to trade finance. Formerly called OGYDocs, Wave's product will be leveraged....
Eleven companies showcased their innovative fintech propositions at the Barclays Accelerator demo day in New York. Eight of these companies have already signed contracts with the bank. The demo day followed 13 weeks of intensive networking, mentoring and development. The Barclays Accelerator program, offered in partnership with the Techstars global networks, includes mentorship and opportunities for financial technology startups to access industry experts, influencers and potential clients. The program covers all areas of fintech, from cybersecurity and artificial intelligence to wealth....
Barclays Bank, one of the largest banks in the world, has today issued a warning on the nascent digital currency Bitcoin arguing that it is not backed by any government or central bank and the deposits are not insured. The warning follows numerous similar warnings by Consumer Financial Protection Bureaus in the aftermath of the still mysterious downfall of MT Gox. Barclays urges its customers to beware of hackers and scammers and beware of rate fluctuations as well as general advice such as carefully read the contract and know with who you are dealing. Absent from the warning however is....
As global financial institutions become more interested in bitcoin and blockchain technology, some are beginning to invest and work with startups they believe will empower them with the tools to one day engage with the industry. Today, this means partnerships like that between UK banking giant Barclays and bitcoin compliance startup Chainalysis. The two companies announced in October that Barclays would work with Chainalysis, a graduate of its New York-based FinTech accelerator, to allow its financial crimes division to better understand the technology. Now, there are signs that this....