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Standark Bank throws out Bitcoin idea

Standark Bank throws out Bitcoin idea

The pilot Bitcoin trading platform that was being tested at Standard Bank will not be launched to customers, a spokesperson for the bank has told MyBroadband.

This follows earlier reports that the bank had been running a Bitcoin trial using technology from Switchless, a company headquartered in Singapore with offices in Stellenbosch, South Africa.

Standard Bank said that it had embarked on the internal Bitcoin pilot project several months ago in-line with “its ongoing focus to offer customers innovative financial solutions”.

The pilot formed part of its research into “activities around Internet-based financial services and solutions offerings with the objective to assess Bitcoin, its systems, offerings, challenges and risks,” Standard Bank said.

This pilot was instituted exclusively within the bank and participation was limited to 8 selected members of staff, Standard Bank said.

“No customers participated in the pilot,” the bank added.

According to the spokesperson, Standard Bank runs such pilots constantly to improve the way it does banking and remain relevant to its customers.

“The pilot is now complete and Standard Bank has no plans to launch,” the spokesperson said.

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BusinessTech's Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as they receive it. They are believed to be cl...
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  • What a major disappointment. Standard bank should change their slogan to “NOT moving forward”. All around the world the story of STD Bank getting involved with bitcoin has be praised…but STD Bank never fail to disappoint, why should this be any different.
    Bitcoin is happening weather STD Bank likes it or not, it can choose to be a leader and innovator in the banking community and embrace it, or it can eventually come to the party in a couple of years time as a sheep when all the other banks are already there….either way, it will happen, just a lot later now. Thanks for nothing.

    • Haroun Kola

      Don’t be so sad 🙁 Cheer up, this sounds like just spin. Why would a bank pay lots of money to develop a system only to be noncommittal when they’re outed by their developers. All news is good news in the bitcoin industry. At least we know that Standard Bank is ready with a bitcoin solution when it’s time for mainstream and in meantime the grassroots movement is where the real innovation in taking place. When I’m my own central bank, why do I need commercial ones?

      • Szymon Baranowski

        Because of blackmail?

    • MarvinTheParanoidAndroid

      Bitcoin isn’t happening. Not at Standard bank nor anywhere else.

  • Cameron Booth

    They have to live up to their name… just standard…

    • IBWT, UK Exchange

      good response ;D

  • Kevin Swanepoel

    they tested it with 8 people? you cant create a buzz over a crypto currency with 8 people! 800 people yes! pathetic.

  • @Bitcoinrat

    probably got a telephone call from the FED ? #justsaying

  • Dawie

    Bottom line: Stop trusting banks

  • Adrian Piers

    “The pilot is now complete and Standard Bank has no plans to launch,”

    Obviously not properly designed. GO BACK TO THE DRAWING BOARD and find one that works!

    We want bitcoin, wether Standard likes it or not. Or are they more worried about losing their fat margins and bonuses???

  • Mezzmarr

    I think the lack of junk fees left a bad taste in the bankers’ mouths.

  • Horris

    Just did it for the media presence

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