NatWest has launched a new digital team within its capital markets business to expand the bank’s use of blockchain technology.
The new team will be led by Chris Agathangelou, who has been appointed Head of Digital Capital Markets the company announced late yesterday. The team will focus on delivering credit and rates products to issuers and investors through digital channels and currencies, underpinned by distributed ledger technology.
NatWest said that with financial markets increasingly embracing distributed ledger technology the “time is now right to formalise the bank’s strategy” in this area.
“Distributed ledger technology will increase transparency, minimise costs, lead to faster execution and increase capital efficiency for NatWest Markets’ clients,” NatWest said in a statement.
“Chris and his team will delivery credit and rates products to issuers and investors through digital channels and currencies, underpinned by Distributed Ledge Technology,” it continued.
NatWest joins major banks to have signalled support for using distributed ledger technology to execute trades. Wells Fargo and HSBC are using digital ledger technology to settle forex trades between the two banks.