Investec Private Banking investigates the various blockchain use-cases such as cryptocurrencies, digital currencies, central bank digital currencies, tokens, digital identity, smart contracts.
Investec’s blockchain team participated in Project Khokha in 2018 where the Sarb tokenised the rand on the Quorum blockchain. Together with Bankserv, we designed a blockchain digital identity system. We have also secured cryptocurrencies in hardware wallets.
We learnt that while blockchains are secure distributed databases and open up a range of potential use-cases, it means very little when the interface to connect to the blockchain is not secure.
We don’t know what the future of money looks like exactly. No one does. What we do know is that we have a role to play as a private banking partner to help our clients and broader society navigate the change in the world of money and investments.
Banking in 10 or 20 years’ time might be as different as Google Maps is to a folded paper map. We are applying our experience and expertise in this innovative technology ecosystem to build digital asset custody capabilities, in close collaboration with regulators.
This article first appeared on Moneyweb.