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Another financial behemoth is embracing cryptocurrency. Lloyds Banking Group, one of the U.K.’s largest financial services organizations, is scouting for a digital currency expert signaling its interest in the nascent asset class.
In a recent job listing published on BYP Network, Lloyds Banking Group is in need of a “Digital Currency and Innovation Senior Manager.” The candidate will become part of the Payments Liquidity & Settlement team, which is a newly created unit responsible for handling intraday payments liquidity and settlement risks as well as facilitating the Group’s potential participation in digital currencies.
Applicants need to be knowledgeable on payments products and processes as well as on the trends in the payments and IT landscape. In addition, they need to have first-hand experience in crypto and related technologies such as blockchain.
One of the responsibilities of the digital currency manager is to “develop payments use cases and initiate business or investments orientated around the use of digital currencies.” This could signal the bank’s interest in crypto payments.
“The technology continues to evolve rapidly with the potential for it to be incorporated into traditional financial services,” Lloyds said. “As a business, we must keep pace with this change and explore opportunities in digital currencies that will impact the speed in which payments settle, derive liquidity benefits, and support the expansion of payment services for banks. There is also the potential to extend this offering to our customers.”
Lloyds Banking Group also appears to be interested in making investments in the crypto space. “As relationship lead, the role is responsible for working with Group Equity Investments on future investment opportunities, cementing our position as a leading UK bank supporting innovative payment solutions,” the bank added.
In 2018, Lloyds reportedly banned customers from using their credit cards to buy Bitcoin and other cryptos. However, the bank appears to have changed its stance on digital currencies due to a number of factors such as improved regulations and the issuance of CBDCs.
“The outlook for digital assets has shifted markedly as a number of factors have converged to make them ready for the possibility of wider adoption. Regulatory clarity is improving whilst central banks are actively exploring digital currencies,” the bank wrote. “86% are running pilots, and certain geographies, e.g. China, are close to going live.”
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