One More Financial Giant USAA Shows Interest in Bitcoin

USAA has launched research program of blockchain hoping to employ it in its behalf.

The United Services Automobile Association (USAA) is a Texas-based Fortune 500 diversified financial services group of companies including a Texas Department of Insurance regulated reciprocal inter-insurance exchange and subsidiaries offering banking, investing, and insurance to people and families that serve, or served, in the United States military. Photo: Frankieleon/Flickr

The United Services Automobile Association (USAA) is a Texas-based Fortune 500 diversified financial services group of companies including a Texas Department of Insurance regulated reciprocal inter-insurance exchange and subsidiaries offering banking, investing, and insurance to people and families that serve, or served, in the United States military. Photo: Frankieleon/Flickr

USAA, Texas-based financial company offering services for members of the military, has started research of blockchain, fundamental bitcoin technology. Representatives of USAA underlined that they are not interested in bitcoin as digital currency itself.

They are planning to benefit from blockchain in terms of decentralizing of their operations. Research success will help to increase the level of work of insurance, banking and investment departments of the company. Nevertheless this news seems to be promising for the whole bitcoin industry.

Alex Marquez revealed that a large experienced team carries out the research which shows seriousness of their intentions: “We have serious interest in the blockchain and we think the technology would have an impact on the organization”. The team is at the very beginning of studying the technology and it’s still too early to talk about any results.

USAA is not the first company that invested in blockchain. BNY Mellon and UBS have already launched their own research programs. Besides a number of large banks have conducted tests to see how they can employ blockchain.

David Johnston, managing director at Dapps Venture Fund, stated: “I would say that by the end of the year, most will have solidified a blockchain technology strategy, how the bank is going to implement and how it will move the technology forward”.

In January USAA became a part of the team consisting of high-net-worth individuals (HNIs), venture capital (VC) and financial enterprises that contributed in Coinbase.

The company takes now leading place in bitcoin development. It owns bitcoin wallet and exchange. The sum of investment made up $75 million. While USAA is interested first of all in blockchain, investment in Coinbase means investment in bitcoin as digital currency.

In fact USAA, which turns 93 years old this year, controls $213 bn of personal assets providing services for more than 10,7 million current and former members of the military.

Bitcoin can hardly be named a habitual project. Although it is now used for everyday transactions by many people, there are still those who don’t trust digital currencies. As the issue concerns money, potential users are far more careful and suspicious. Current researches conducted by leading financial institutions step by step draw the golden time of bitcoin heyday nearer.

It is hoped that interest of serious organization in bitcoin and constant investment in its development will result in building of real trust in digital currencies.

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