American Express is testing the waters of Bitcoin and blockchain, and may invest in more projects

American Express, a financial services giant founded in 1850, was revealed yesterday that it participated in the $12 million Series A financing of Bitcoin remittance startup Abra through its venture capital arm to observe the digital currency industry and the blockchain technology behind it.

Harshul Sanghi, managing partner of American Express Ventures, told CoinDesk that it is still too early for the 165-year-old company to predict how it will use the technology or what applications will stand out from it.

He said:

"It's still too early for us, right? And... we are also exploring and seeing how the industry will develop."

In the meantime, American Express will test the waters of Bitcoin and blockchain through Abra, and in return, American Express will provide resources and advice to the startup.

Sanghi also stated that American Express may be open to Bitcoin:

“Let’s look at which currencies are going to be important, which currencies clients want to trade in, and that’s what we’ll choose.”

However, he also mentioned that other applications of blockchain will be more significant to American Express than Bitcoin itself.

“As we watch the digital currency industry evolve, we see that blockchain technology and distributed ledgers can play an important role in shaping its future.”

In addition, Sanghi also mentioned that American Express may consider investing in other projects in the digital currency industry.

“I think as technology continues to evolve, we will be watching and investing in projects that are relevant to our business, just as we have in the past,” the partner said.

Sanghi said the user experience of the Abra app was an important factor in attracting American Express, and he reiterated that American Express' investment would provide Abra with a platform to further explore the technology.

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Original article: http://www.coindesk.com/how-american-express-is-testing-the-waters-of-bitcoin-and-the-blockchain/
By Stan Higgins
Compiled by: Satuoxi
Editor: Satuoxi
Source (translation): Babbitt Information