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Investec quietly tests ‘digital vault’, which may signal its crypto entry

Blockchain lead Chris Becker explains.

Investec’s blockchain lead Chris Becker explains what’s inside the new digital vault the bank recently piloted and whether this means it is preparing to enter the crypto space.



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Very interesting.

I get the feeling that these guys (traditional banks) will depend on the “regulatory sandbox” to participate in this space. That means they will fight tooth and nail to keep things centralized with regulation. As the guy says they spent billions on developing safe custody etc.

This means they need a way of fleecing their customers to pay for this but they are not to sure how to do this.

Good to see they are trying but watch this space and see how they all band together to try and regulate everything to keep control.

Wonder how the cost of their vault will compare to the cost of your good old Luno account? O hang on!!! The Luno account costs NOTHING????

Luno account doesn’t cost nothing. Transaction fees?

Only when you transfer money out to your fiat account R8.50. Else nothing.

How fast the institutional memory fades.

I was in the room two years ago when
Stephen Koseff unequivocally stated that Investec
would not get into the Bitcoin / Blockchain
business while he was associated with the bank.

I guess he no longer has the sway he used to have

Maybe they have bothered to do some research and educate themselves.

In the meantime Moneyweb quietly relegated bitcoin to page 10, there where the nude models hang out. Perhaps they are accumulating, perhaps the bosses dont want the word to get out that fiat is in dire straits and the JSEs February spring will end soon…. Well you have to obey orders

An interesting and informative look at Crypto and Bitcoin future. Thank you Ciaran and Chris! Good luck to Investec!

Oh boy! Here comes trouble for any DeFi adoption in SA, so the trouble makers can continue their comfortable extremely profitable centralized stranglehold they have profitably enjoyed for such a long time over traditional SA banking and finance, bullying out any upcoming threatening competitors, now with the first earnest signs of their clutching for control of crypto and blockchain begins, with salivating mouths for control of this space and the prospects of the enormous potential profits in sight, and the ordinary citizens, well as usual, will probably be left with breadcrumbs. I guess the wheels are quickly being set in motion with connections and vested interests high up. DeFi proponents, beware, soon you might have a nasty fight on your hands.

”Believe nothing until it is officially denied”


The end could be nigh for the Bank’s Swift Payment system!

Meanwhile, back at the Ranch, blockchain with its distributed ledger and ability to enable transactions with minimal fees poses a tangible threat to cross-border funds transfer systems. And none of those systems is more threatened than SWIFT, a consortium of banks that manages a bulk of global transactions.

The emergence of rival systems based on blockchain, such as Ripple – which has more than 75 banks as its members already – is also not helping matters. Large banks, such as JPMorgan Chase & Co. (JPM), have also formed networks among themselves to develop cross-border payment systems based on blockchain technology.

Recent SWIFT hacks have not helped matters and further compromised the network’s integrity. According to investment bank Credit Suisse, the traditional cross-border payments industry is ripe for disruption. “Interbank payment systems such as SWIFT are old, inflexible, slow, and increasingly prone to cyber-attacks at a time when banks are under tremendous pressure to cut costs and protect customer data from hackers, which blockchain could achieve,” the bank posted on its site earlier this year.

With big daddy, Koseff and Asset Management (now trading as Ninety One ) – out of the Investec building an empire ( in more ways the One), methinks new CEO Fani Titi will have to start swiftly to implement his business plans -“My story is an improbable one, a story of possibility” is his motto and the right way to start changing the ways of the old Investec guard, for the better, in these markets.

Can anyone say what will stop new cryptocurrencies from proliferating and driving the existing values towards zero.

End of comments.



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