Standard Bank tests Bitcoin portal system

Thursday 13 February 2014 10:58 CET | News

South African financial institution Standard Bank has begun testing a current-account linked Bitcoin wallet developed by South African company Switchless, online media outlet Coindesk unveils.

The solution allows users to buy, sell and save Bitcoins from within the Standard Bank online banking portal. Online banking credentials are used to verify the identity of the Bitcoin wallet holders. Other features include a merchant plugin which allows online retailers to accept Bitcoin as payment for goods.

According to the source, this is the first time a major bank has trialled a Bitcoin integration system. All that is required for full deployment at this stage is a regulators’ approval, which the companies are hoping to receive in the coming weeks.

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Keywords: Standard Bank, Bitcoin, portal system, Switchless, Coindesk, Bitcoin wallet, South Africa
Categories: Payments & Commerce
Countries: World
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