The fifth-oldest bank in the UK and one of the most recognised commercial banks in the world is reported to be in current talks with Facebook regarding Libra’s adoption. The Royal Bank of Scotland affirmed to be exploring innovative cryptocurrency services for its clients as well as looking forward to creating potential alliances in the blockchain industry.
The announcement was made by the RBS’s Head of Innovation, Kevin Hanley on Tuesday:
“We’re in discussions with Facebook around Libra and what it might be and where it might go.”
The relationship between RBS and Facebook is not new, in fact, they have been close partners since years ago. Natwest, a subsidiary RBS financial institution, was the first official body to welcome Facebook in the working place and they also have an exclusive team (called GAFAs) that works with tech giants such as Amazon, Apple, Google and certainly, Facebook.
Hanley also specified in his statements: “The conversations with Facebook about our involvement took many forms and shapes. We know the Facebook guys very well…Our relationship with Facebook goes back a long way.”
With over 18M clients, The Bank of Scotland may be everything Facebook is looking for right now. Until this moment, Libra has been backed by a consortium of 28 worldwide known companies such as MasterCard, Visa and Paypal. Nonetheless, Libra Association hasn’t included any bank which is not a very good sign for investors. If Facebook does close a deal with the Royal Bank of Scotland, this could open the door for more financial institutions entering the game to not be left behind in the race.
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