There are several charity organizations that accept Bitcoin; however, the clients who have account with Barclays will be perhaps now be able to get the feature for the first time as the bank has announced it will take its first steps toward supporting the use of Bitcoin as an alternative payment method by allowing charities to accept donations in the digital currency.
Nonetheless, this news article published in The Sunday Times says that the multinational financial services firm has long been mulling such a plan; however, it is the time it should be executed. The bank had entered into a partnership with an unnamed Bitcoin exchange or spending platform which is going to help it enable charity organizations accept Bitcoin payment.
According to the news item, the bank will enable the charity groups receive Bitcoin donations by 2016. Barclays chief design and digital officer Derek White says that right now there are not many details; however, as soon as everything is finalized he will put to the media. He admitted that things are still in the development phase and not much can be explained.
Now that Barclays is enabling the Bitcoin exchange to help charities accept Bitcoin, a lot of non-governmental organizations are expected to benefit as they would get more money than they would have otherwise as there is almost nil processing fees in Bitcoin donations. Additionally, Bitcoin donations can be done from any part of the world instantly.
Barclays is Sincere about Bitcoin Technology
Moreover, as the bank it steadily increasing its efforts to understand and implement Bitcoin and blockchain technology, it may just be the beginning of the acceptance of the technology at larger level. Earlier this year, Barclays revealed it is pursuing a proof of concept with European exchange and services provider Safello.
Later on in March the bank had accepted three industry firms into its FinTech accelerator program. The decisions coming from one of Britain’s biggest high-street banks to take the first step in bringing Bitcoin, the controversial digital currency, into the mainstream, and admitting that these have potential to change financial services, shows the bank is serious about it.
Nonetheless, Barclays has been conducting experiments into Bitcoin in labs in London, and working with start-ups as well. Now that it plans to test the virtual currency, allowing people to make donations to charities in Bitcoin, it is moving towards the direction it has chosen earlier this year. This all shows the bank is interested in using Bitcoin to greater extent.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org