Good news for Bitcoin as Barclays make a move to accept deposits in the digital currency

by , 11 September 2015

One of the UK's biggest banks and major stakeholder in Barclays Africa, Barclays Plc, made an announcement last week about accepting Bitcoin deposits.

The banking group has decided that it will allow people to make donations using the digital currency.

So how will this work? And what does it mean for Bitcoin?

Let's take a closer look…


Barclays’ plans with Bitcoin


Barclays is going to partner up with a Bitcoin exchange to allow the execution of these transactions into its accounts. For the time being, only charities will be able to make use of the facility.

It looks like Barclays is serious about making use of Bitcoin. The Sunday Times reports that the bank currently has 75 people working on Bitcoin technology.

This makes Barclays the first UK bank to support technology for the digital currency, David Zeiler in Money Morning US explains. It appears Barclays can see how big an impact Bitcoin could have on the current financial system.

But Barclays isn’t alone in the UK, where there is a move to the adoption of Bitcoin technology. It’s happening all over the world.

Companies working on Bitcoin and other technologies like this are known as fintech companies. And at the moment, the UK is determined to become a global leader in the field.


What this development means for Bitcoin


The best financial brains researching the best ways to use Bitcoin technology can only be a good thing for the digital currency.

The extreme volatility in the Bitcoin price has put many would-be users off. But with companies like Barclays adopting its use, this helps to stave off fears.

This should help more people to adopt using Bitcoin, which is what the digital currency needs.

So there you have it. Good news for Bitcoin as Barclays make a move to accept deposits in the digital currency.

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