In a press release on July 11, Banco Santander announced the appointment of John Whelan as chief of its new Digital Investment Banking team. Considering the fact that a fiat-offering, financial institution is going further into blockchain territory for its potential to innovate securities trading.
John Whelan has been with the bank for almost three years now, and his expertise goes deeper than being a banking director. He was part of Enterprise Ethereum Alliance and the International Ripple Business Association. Furthermore, he’s also the founder of Coinist Inc.
Whelan might be many things, but a person ignorant about cryptocurrencies and blockchain technology will never be one of them.
He said in the press release:
“The wave of digitalization that is occurring in the financial industry is accelerating. Our clients expect this to result in better solutions, lower costs and new categories of products and services that enable them to access capital markets more efficiently than ever before. We want to offer our clients what they expect from us.”
This move by Santander is a no-shocker.
Santander is part of a massive consortium composed of many other financial institutions in Europe, including HSBC, Deutsche Bank, among others. Earlier, the consortium was able to successfully complete seven live transactions through four banks across different countries in the continent. Named We.trade, the consortium aims to expand to the rest of the continent and possibly the entire world.
As for the heights that the bank will be receiving, one can only imagine. As Whelan said on his LinkedIn account:
“Satoshi opened the door; the rest of us stepped through. And we stand on the shoulders of the giants of Physics, Mathematics, and Cryptography.”