An exciting partnership between Barclays and Bitcoin exchange Circle could lead to a slew of new features and innovations in the digital payment industry. Moreover, this is very positive news for Bitcoin as well, as the European bank is letting Circle use their existing infrastructure to provide real-time conversion from GBP and EUR to Bitcoin, and vice versa.
Also read: How to Implement the Blockchain in Financial Institutions
Circle – A New Era Of Bitcoin and Banking?
Up until this point, very few banks have been keen on the concept of Bitcoin, although they all seem to see high value in the underpinning blockchain technology. In fact, consumers have had their bank accounts shut down in the past due to a link with Bitcoin, which was of particular concern to enthusiast sin the United Kingdom.
But all of that is about to change, by the look of things, as the new partnership between Circle and Barclays can be seen as a milestone for the digital currency. Circle users are now able to send and receive GBP transfers to other users on the platform, as well as convert between USD and GBP without any additional fees.
It is well worth noting the UK Treasury was one of the biggest advocates for this solution, as it is a “significant milestone” to have Circle available to customers in the United Kingdom. Quite a strange statement from an institution that could see Bitcoin as a potential threat, but it is more than welcome news for sure.
But there is more, as Circle CEO Jeremy Allaire hinted at a future expansion of supported fiat currencies. In fact, he mentioned how support for EUR transfers will be coming later this year, and how plans are set in motion to bring Circle to Asian markets as well. If this were to happen, exciting things are bound for Bitcoin and digital currency enthusiasts.
Jeremy Allaire continued by saying that:
“The blockchain will sooner disrupt the mobile payments industry, which really is a “blank slate” for innovators. Payments are the next thing to be commoditised as a free service”
Barclays is one of the many banks working on bringing common standards for blockchain technology to the table. Once such a protocol is put in place, it should become a lot easier to bridge the gap between Bitcoin and traditional finance. Moreover, all of the participants would be able to benefit from the advantages of blockchain technology.
Are you excited about this partnership between Barclays and Circle? What will this mean for Bitcoin in the UK? Let us know in the comments below!
Source: FT
Images courtesy of Circle, Barclays