Toronto-Dominion Bank (TD) says Bitcoin is not a viable currency and, therefore, has no future. However, the FI believes blockchain technology will prevail and become widely adopted around the globe.
TD Bank officials appear to be put off by Bitcoin’s and altcoins’ volatility and vulnerability to market manipulation and trends, rather than by any usability issues.
However, they have expressed interest in exploring blockchain over the past 24 months. TD was, for instance, the first financial institution to join the Chamber of Digital Commerce in July 2017.
It also filed for a patent with the US Patent Office in 2016 for a blockchain-powered PoS system and a payments tracking solution.