2016/08/26 12:00 PM
Banks create the ultimate Bitcoin rival, Bitwala launches a new wallet, and Poloniex de-lists over 20 altcoins. Want to catch up on the latest digital currency news? Check out the stories below.
Also read: Industry Report: Asia Continues to Dominate in Bitcoin and Beyond
Banks Think They Can Compete with Bitcoin
UBS, Deutsche Bank, Santander, and BNY Mellon are grouping together to design and create a new digital currency that will operate via blockchain technology and potentially rival bitcoin. Originally named “utility settlement coin,” the currency is meant to relieve institutions of “difficult, time-consuming and costly” trades.
Deutsche Bank’s Edward Budd explains:
“The practical use and implementation possibilities of central bank digital currency are rightly becoming a hot topic in the financial service industry. It raises questions, and possibilities, over a fundamental market structure principle: who can…