Axa, a French, multinational, investment banking firm headquartered in the 8th arrondissement of Paris that engages in global investment banking, securities, investment management, insurance, and other financial services, according to various reports, is eying to use Bitcoin so that it can streamline payments around the world.
Bitcoin has been receiving a lot of accolades from the people who send money from various parts of the world internationally as with it they not just send the money swiftly but also with least cost. Axa is expected to use the digital currency to streamline the remittance market and cash in on the golden opportunity available for them.
Talking about the plan Minh Q Tran said that AXA is treating digital currency as an “investment thesis” through AXA Strategic Ventures, the bank’s $223m fund, and its accelerator, AXA Factory. He was quoted saying that the bank thinks that many use cases related to Bitcoin have not already been explored.
He further clarified that in particular the bank is very interested in how Bitcoin, and more generally cryptocurrencies, might be used in the remittance market. Nonetheless, it must be noted that though no Bitcoin or blockchain startups have received AXA funding so far, the firm is in talks with a number of ‘remittance’ companies looking to disrupt the $582bn sector.
Bitcoin May Play pivotal Role in Remittance Market
A lot has been written on how the digital currency is transforming the entire remittance market with rich features like almost minimal transaction charges and safe as well as secure international transactions, it will be a great development that a major banking organization is trying to use the disruptive technology for remittance purposes.
However, the use of Bitcoin may go beyond remittance as well for Axa as aside from its use in the remittance market, AXA may also explore how blockchain technology could be used in fields such as real estate, wealth management, and intellectual property. As the bank also deals in insurance, blockchain technology may be of great use for better management.
Interestingly, earlier Barclays and now Axa are trying to associate with Bitcoin. This is setting in new trends in the digital currency space where although banking remains a risk-averse industry, many big name firms are now exploring the potential of blockchain technology through their VC arms.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org