CEOs of Two Major European Banks Say Blockchain Will Revolutionise Industry

Avi Rosten
  • The CEOs of the Dutch ING Group and Spanish banking giant BBVA have both said today that they see blockchain revolutionising the banking industry
  • Talking at the Money 2020 fintech conference today in Amsterdam, ING CEO Ralph Hamers remarked that he sees the revolution happening in "five or six years"

The CEOs of two major European banks have today emphasised how blockchain technology can revolutionise the banking industry.

Talking to CNBC at the Money 2020 fintech conference today in Amsterdam, Ralph Hamers - CEO of the Dutch ING Group - was keen to stress that the banking industry is getting on board with the new technology - commenting :

"So, if you look at blockchain… I think the banks are really working on this now because the potential is so huge and if the top five, six global banks would put their minds to it and agree on a standard, you could force (that) standard onto the globe… And I think that you can actually then get to a timeframe of five or six years in which this will work"

Ralph Hamers

While cryptocurrencies have largely been seen by their proponents as a challenge to the traditional banking system, the blockchain technology that undergirds digital currencies has recently been viewed by banks as a positive for the industry - insofar as decentralisaiton is seen to reduce inefficiencies and help prevent fraud.

In this vein, Chief Executive of Spanish banking group BBVA - Carlos Torres Villa - was also enthusiastic about the new tech:

“We believe there is huge promise in blockchain, it’s early times in the technology…It really brings trust in relationships in ways that were not possible for…It really reduces the need for intermediaries, things can go faster, more transparent, more efficient.”

Carlos Torres Villa

Adding that the bank was already putting the tech to real-world use through its €75m loan to Spanish tech company Indra:

“We did the first bilateral negotiation and execution of a loan, with Indra…entirely in the blockchain with a private ledger and then published that onto the ethereum ledger, it’s [these] kinds of experiments that we’re doing to test out the tech that has such great promise.”

Carlos Torres Villa

AMD and Ultra Announce Partnership for Blockchain-Fueled Gaming

  • AMD and Ultra have announced a new partnership to develop next-generation blockchain-based gaming.
  • Ultra operates as a gaming distribution platform built on blockchain technology.

Next-generation game distribution platform Ultra has announced a strategic partnership with computer processor developer AMD to deliver blockchain-powered gaming. 

According to a press release shared with CryptoGlobe, the partnership will involve both companies co-marketing activities to promote the Ultra platform and the benefits of “blockchain-based game technologies.”

Nicolas Gilot, CEO of Ultra, said of the partnership, 

We’re excited to have AMD as a partner because of their dedication to gaming and blockchain technology. They saw our value proposition early on and recognized that blockchain is poised to change the face of gaming.

Joerg Roskowetz, head of blockchain technology at AMD said that AMD is “excited” about the use of blockchain for game publishing and plans to work with Ultra to develop “next-generation, community-centric” delivery.

Ultra, which operates as a gaming distribution platform built using blockchain technology, claims to have more than 140 developers and publishers signed up for their closed beta. 

Featured Image Credit: Photo via Pixabay.com