Australia’s Commonwealth Bank Latest to Experiment With Ripple
The Commonwealth Bank of Australia (CBA) announced this week it will use Ripple technology to facilitate payments between its subsidiaries, describing distributed protocols as “the way of the future”.
Last May, Germany’s Fidor became the first bank to integrate Ripple’s protocol into its payments infrastructure, with two US banks, CBW Bank andCross River Bank, following suit four months later.
Tech news site CIO quoted the CBA’s own Chief Information Officer David Whiteing as saying the bank had “done a whole bunch of experiments” with bitcoin and other cryptocurrency technologies.
Whiteing said he sees no reason why bank accounts could not be used to store fiat money, cryptocurrencies and other assets like store loyalty points in the future.
This post was published at Coin Desk on May 29, 2015.