CIBC studying Bitcoin technology

Announcements | June 29, 2015 By:

On Tuesday, June 23, the chief executive of Canadian Bank of Imperial Commerce (CIBC), Victor Dodig, said the bank is studying technology underlying digital currencies such as Bitcoin as traditional lenders brace for disruption from new entrants in the financial services industry.

Dodig added that collaborating with new startups is vital for banks looking to innovate.

CIBC also announced that it is the first major Canadian bank to participate in suretap, a mobile payment application that allows users to store a range of payment cards on their smartphones.

“We want to be where our clients are, and our involvement in suretap reflects our commitment to delivering banking and payment services ‎that are easy, personalized and flexible,” said Todd Roberts, CIBC’s senior vice president.

The Canadian Imperial Bank of Commerce is one of Canada’s chartered banks and fifth largest by deposits.