Note from the CEO: Digital cash! Getting closer and closer to being able to totally get rid of paper money. Santander has been working on a public ethereum blockchain that can digitize cash. Yup, convert cash into digital currency and vice versa. New products (sorry Wells) for the bank and new ways to use cryptocurrencies. World is getting smaller.
“Spanish banking giant Santander is working on a project that explores how it could digitize customer cash using the public ethereum blockchain.
Revealed today during a panel talk at Devcon2 (an Ethereum conference being held in China) by Ether.camp founder and ethereum Java client developer Roman Mandeleil, the news was confirmed by representatives of Santander. In statements, Santander said its goal is to open up its bank-issued funds to a community of innovators as a way of tapping additional efficiencies.
Given the recent deluge of proofs-of-concepts and consortium announcements, Santander’s move to potentially issue digital cash on a live public blockchain emerges as one of the more unique projects globally. Running for more than a year, the ethereum network has a market cap of more than $1bn and nearly 40,000 in daily transactions.”