Asset management giant AXA: Bitcoin has great potential in the remittance market

Multinational asset management giant AXA is eyeing bitcoin’s potential to streamline the remittance market, Minh Q Tran, general partner (GP) at the firm’s venture capital fund, told CoinDesk.

According to Tran, AXA considers digital currencies to be an “investment thesis” from the perspective of AXA’s $223 million Strategic Ventures Fund, as well as its accelerator AXA Factory.

He said:

“We believe that there are many unexplored applications for Bitcoin. In particular, we are very interested in how Bitcoin and other cryptocurrencies can be used in the remittance market.”

While AXA has not yet invested in any bitcoin or blockchain startups, Tran revealed that the company is currently in talks with a number of remittance companies, hoping to enter and influence the $582 billion annual market.

In addition to the remittance market

In addition to its interest in the use of Bitcoin in the remittance market, AXA, as a leading insurance brand company, is currently exploring the use of blockchain technology in real estate, wealth management, intellectual property and insurance.

While banking remains a risk-averse industry, many big-name companies are exploring the potential of blockchain technology through their VC arms.

Last November, Spanish bank Intercontinental invested in Coinfoceine, becoming the first bank to invest in a Bitcoin company. Since then, other banks including BBVA have joined the group.

Other banking institutions are also exploring customized technologies through internal research and development. Ken Moore, head of Citibank’s innovation lab, previously revealed that the bank is testing its own cryptocurrency, Citicoin.

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