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.<\/p>\n
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.<\/p>\n
Standard Bank said that it had embarked on the internal Bitcoin pilot project several months ago in-line with \u201cits ongoing focus to offer customers innovative financial solutions\u201d.<\/p>\n
The pilot formed part of its research into \u201cactivities around Internet-based financial services and solutions offerings with the objective to assess Bitcoin, its systems, offerings, challenges and risks,\u201d Standard Bank said.<\/p>\n
This pilot was instituted exclusively within the bank and participation was limited to 8 selected members of staff, Standard Bank said.<\/p>\n
\u201cNo customers participated in the pilot,\u201d the bank added.<\/p>\n
According to the spokesperson, Standard Bank runs such pilots constantly to improve the way it does banking and remain relevant to its customers.<\/p>\n
\u201cThe pilot is now complete and Standard Bank has no plans to launch,\u201d the spokesperson said.<\/p>\n
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