Irish bank says it is planning to move money from its Irish accounts to a bitcoin wallet for customers
Ireland’s largest bank has said it will move money to a virtual currency wallet and is considering using bitcoin to settle its debts.
The Bank of Ireland said in a statement on Thursday it would transfer money from €2.5bn in euros into a new account that it said will be called “Glossier Solutions”.
Glossier is a blockchain-based payment solution that allows users to pay in fiat currencies, including Euros, pounds, and the euro.
The bank said it had been working with its customers and the Bank of England to develop the Glossier Solutions account.
The move follows moves by some other banks to use bitcoin as a way to settle their debts, although they have not yet been used to settle any of the largest bank accounts in Ireland.
Glossier said in the statement that the account would be fully operational by mid-March, and that it would be managed by an outside company.
A spokesperson for the bank said the bank had not been approached about the Glosteris and had no immediate plans to use the digital currency for any other purpose.