SINGAPORE—The potential for the spread of digital currency among global banks continues to grow.
At the recent fintech festival in Singapore, the Monetary Authority of Singapore said it would test its own digital currency for interbank payments using blockchain technology. In addition, consulting firm PwC unveiled a new platform called Vulcan Digital Asset Services to provide banks and governments with confidence to explore cryptocurrencies, Financial Review reported.
Vulcan has been built by PwC's Australian office with input from three startups—the digital identity provider Netki, information services company Libra, and blockchain infrastructure provider bloq—whose co-founder Jeff Garzik was one of the five developers of the core bitcoin blockchain. The platform is being piloted by an international bank and a central bank and has assessed another three multinational banks and an airline, which could use it to manage frequent flyer points, Financial Review reported.
As CUToday.info previously reported, nine of the world's biggest banks, including Goldman Sachs and Barclays, are partnering with New York-based financial tech firm R3 to create a framework for using blockchain technology in the markets.
The move marks the first time banks have joined to work on a shared way in which the cryptocurrency technology beneath bitcoin can be used in finance.