Premiere: important European bank to spent $ 5,000 to study impact of Bitcoin on banking system

26 august 2014

European bank Santander has commissioned a study to “Analyze the impact of bitcoin and other cryptocurrencies on banks and devise a strategic course of action.” Santander has given a $5000 budget to Yegii – a self-described „insight network” set up by Trond Undheim, a senior lecturer at MIT Sloan School of Management – to write the report.

In turn, Yegii is asking people to put themselves forward as members of its „dream team” comprised of a bitcoin expert, a management expert, a project manager, a data scientist/engineer, a banker, an academic, and a student, „ideally from different continents and to include both believers and skeptics”. Anyone interested needs to register and set out how they would approach the question of the impact of bitcoin on banks by tomorrow, 27 August.

The challenge was initiated by Julio Faura-Head of Corporate development for Banco Santander. According to Dr. Undheim, Faura was “looking for additional outside perspective onto the topic of Bitcoin. While acquiring consulting services from top tier consulting firms can be exciting, he thought that an outsider, multidisciplinary perspective, would be particularly helpful.”

When asked why this is an important challenge to for Bitcoiners to meet, Undheim stated that “This challenge is both an opportunity for Bitcoiners to express their viewpoints and acquire the support of a major multinational bank that is very forward thinking.” and that “While the Bitcoin community has progressively been taken more seriously over the past year, this is the chance to gleam insight into the possibility of banks adopting it as a mode of transaction.”

Dr. Undheim also suggested that the challenge is also “a great opportunity for Bitcoin experts to collaborate with others whose viewpoints they might not have been able to engage in such a focused and long discussion/collaboration effort.”


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Nic Marius Balaceanu – Founder & CEO Lendrise

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