Financial-services firm USAA, which provides banking and insurance products to members of the military, is studying the underlying blockchain technology behind virtual currency Bitcoin to help make its operations more efficient.
USAA’s Managing Director of corporate development Alex Marquez said the firm and its banking, insurance, and investment management subsidiaries hoped that blockchain technology could help decentralise its operations such as the back office.
In January 2015, the San Antonio-based financial firm joined a consortium that invested round $75m in Coinbase, a leader in the bitcoin wallet space that will help USSA research teams to understand and tap the full potential of the Bitcoin technology.
The financial group’s head of corporate development, Vic Pascucci, said that USAA envisions digital currencies playing a possible role in future services, and cited internal data that points to interest in Bitcoin among its customers.
USAA, like most other organisations, is more interested in the underlying technology and not Bitcoin as a currency. As the study is in its initial stage, the company is quite open about the potential application of Bitcoin technology to its operational process.
“We see blockchain technology as more of an enabler, with great future potential for us to better serve our members,” said Vic Pascucci.