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Barclays looks to copy London blockchain success in New York

News: RBS also plans a blockchain pilot for 2016.

By Charlotte Henry

Barclays is building momentum in the fintech space, having signed contracts with 8 firms emerging from its inaugural US fintech accelerator, building on a model it used in London.

Notably 2 of the firms who signed with the bank work on blockchain technology, which is key to cryptocurrencies such as Bitcoin.

Those firms are Chainanalysis, who will work with the Barclays financial crime and security teams, and Wave, which is building an electronic, paperless shipping records service on the blockchain.

Speaking at the event held in partnership with TechStars, Derek White, Barclays chief design and innovation officer said to the New York Business Journal. "We’ve done it in London, invested heavily over the past two years to connect the ecosystem there, and we’re doing it now in New York City."

RBS is another bank jumping on the blockchain bandwagon, with reports that the bank is preparing to pilot blockchain technology next year.

Fintech has been under the global spotlight this month, with Mayor of London Boris Johnson currently in Japan promoting fintech among other trade partnerships.

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