Reading: Industry Report: Banks Trying to Beat Bitcoin


Industry Report: Banks Trying to Beat Bitcoin

Nick Marinoff | Aug 26, 2016 | 12:00

Bitcoin Industry Report Bitcoin

Industry Report: Banks Trying to Beat Bitcoin

Nick Marinoff | Aug 26, 2016 | 12:00


Banks create the ultimate Bitcoin rival, Bitwala launches a new wallet, and Poloniex de-lists over 20 altcoins. Want to catch up on the latest digital currency news? Check out the stories below.

Also read: Industry Report: Asia Continues to Dominate in Bitcoin and Beyond

Banks Think They Can Compete with Bitcoin

UBS, Deutsche Bank, Santander, and BNY Mellon are grouping together to design and create a new digital currency that will operate via blockchain technology and potentially rival bitcoin. Originally named “utility settlement coin,” the currency is meant to relieve institutions of “difficult, time-consuming and costly” trades.

Deutsche Bank’s Edward Budd explains:

“The practical use and implementation possibilities of central bank digital currency are rightly becoming a hot topic in the financial service industry. It raises questions, and possibilities, over a fundamental market structure principle: who can have access to central bank money and how.”

Eager to get in the game, other financial institutions ranging from Citibank to Goldman Sachs have also experimented with and patented new forms of digital currency.


Bitwala Banks Bitwala has released a new web wallet that combines two of its services into one efficient operation.

Bitwala first rose to fame when it announced that European customers could pay their bills online with bitcoin. The company later released a bitcoin debit card, allowing users to make ATM withdrawals and purchase goods as they would with fiat currency. This new wallet brings both of these services together.

CEO Jorg von Minckwitz states:

“We are excited about the new Bitwala bitcoin wallet. If I had to sum up all the advantages our wallet offers, I would use one word: Usability. We at Bitwala try to make handling Bitcoin as easy as sending a text message. In order to make the experience as smooth as possible, it was just the logical step to introduce the Bitwala wallet. It’s an all-in-one solution for our users.”


In an effort to reportedly become more legitimate, cryptocurrency exchange Poloniex has announced that it is delisting up to 27 altcoins it once displayed so prominently on its platform. Among the coins being dropped are DAO, Dashcoin, and surprisingly Mintcoin, which has a market cap nearing $1.3 million USD.

Most of the coins being removed are either defunct or lack exponential interest and market strength. Meanwhile, the coins primarily dominating Poloniex’s trade havens include (no surprise here) Bitcoin, Ether and DASH.

Know of any stories that belong in our regular Industry Reports? Please post your comments below!

Image courtesy of Bitwala. 

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