British Bank Barclays To Sponsor Blockchain Hackathon
Barclays, one of the world's largest banks from the UK, will support the hackathon as a general sponsor aiming to determine perfect methods for increasing the derivative effectiveness.
Bank representatives are organizing the event in tandem with large companies, including Deloitte, the International Swaps and Derivatives Association (ISDA), and Thomson Reuters.
During DerivHack, which will last two days, guests can bring concepts to life and use the ISDA common domain model (CDM) within the DLT. The main outcome of the event will be the search for a solution for processing derivatives upon completion of trades.
The ISDA CDM is meant to interact between different companies and platforms during trading derivatives. Barclays experts intend to imitate the market of derivatives within the event to observe the processing of contracts, to figure out ways to improve its performance.
Recently, there were talks about a possible launch of a trading crypto platform by Barclays. Such information appeared in LinkedIn. However, the bank representatives denied this information.
Cryptocurrencies can be regarded a serious problem. Though they represent innovative solutions, and the bank seeks to remain at the forefront of the tech improvement processes in financial field, a work with digital assets is not yet in Barclays' plans, the executive director of the bank Jes Staley stated.