Blockchain-focused Team Created by Ripple Partner Banco Santander
Ripple partner Banco Santander has recently created a Blockchain-focused team, a digital investment unit. It will ensure that the latest technology which is offered in the Financial Technology sector is used by the bank efficiently.
John Whelan, the Director of the blockchain lab of the bank, will head the team. The assignments given to the team also included exploring the use of tokenized securities in derivatives, debt capital markets, and other products.
Spain-based Banco Santander is a leading retail and commercial bank with a substantial market share in 10 core countries in Europe and the Americas. Santander is among the top banks on a global basis and is the largest bank in the eurozone by market capitalization. The prestigious bank was founded in 1857.
Santander was the first UK bank to use Blockchain technology to transfer live international payments. Users can make payments of between £10 and £10,000, around the clock at any time of the day. Funds will appear in the recipients account the very next working day thereby eliminating the long wait for international payments to be processed.
About the Blockchain-focused team
The platform announced earlier this year that they are planning to utilize blockchain within its capital markets business. The move will be taken with an aim of changing how the securities they manage are issued, traded and settled.
The bank was recently included as a member of the we.trade consortium and seems to be diving into the blockchain space with enthusiasm. It is also a part of the Enterprise Ethereum Alliance which is a consortium which connects various companies and service providers with Ethereum subject matter experts.
José M. Linares, the Senior Executive Vice President of Santander, stated:
“The wave of digitalisation that is occurring in the financial industry is accelerating. Our clients expect this to result in better solutions, lower costs and new categories of products and services that enable them to access capital markets more efficiently than ever before. We want to offer our clients what they expect from us”
Santander has been an early adopter of the technology in the cryptocurrency and blockchain space. They have partnered with Ripple, and use Ripple’s xCurrent technology to process more than 50% of their transactions.
Follow us on Telegram!