Natwest Created Blockchain Team

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Natwest Created Blockchain Team

Natwest Created Blockchain Team

Natwest has come up with a new blockchain team to mainly focus on the use of blockchain technology in the capital market business. Head of the company's Digital Capital Markets segment, Chris Agathangelou, is learned to be leading the new team. It will focus to look after the delivery of rates products and debit cards.

The deliveries will be made through digital currencies and digital channels. These will be further pinned by public digital ledger technology.

According to NatWest, it is the right time for them to embrace the new distributed ledger technology as gradually more and more financial markets are welcoming it to maintain transparency, faster execution, increased capital efficiency and minimize costs.

NatWest added further that Chris will be leading the team to ease the delivery of rates products and credit cards to investors and issuers through digital currencies and channels. The entire process will be underpinned by the latest technology.

Meanwhile, it is learned NatWest has joined major banks looking forsupport in the use of distributed ledger technology while executing trades. Institutions like HSBC and Fargo are using the technology for the settlement of Forex trades between two banks.

Wells Fargo announced late last year to be making use of blockchain technology in settling cross-border payments. It collaborated with HSBC lately. With this, both organizations are now at the forefront.

HSBC is one of the largest banking service providers in the world while Wells Fargo leads in providing financial services. It has about $1.9 trillion in assets.

About NatWest

NatWest was founded in 1968 in Scotland, United Kingdom. It was then named the National and Commercial Banking Group. It changed its name and became the Royal Bank of Scotland Group n 1979. About three years later, it was again renamed as the Royal Bank of Scotland Group.

Based in Edinburgh, the NatWest Group offers various business and personal banking, insurance, private banking and corporate finance. The Coutts, NatWest Markets, Royal Bank of Scotland and National Westminister Bank are the main subsidiary of it in the UK.

It is responsible for issuing banknotes in Northern Ireland as well as Scotland. It was the largest bank in the world before the 2008 financial crisis. With respect to market capitalization, it was the second-largest bank in the UK and Europe.

In 2009, immediately after the global financial crisis, it fell sharply due to slumping share price as well as loss of confidence. Now, the UK government holds about 54 percent of its stake in it.

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