Announced on Wednesday, FICO said the partnership with Bitfury will focus on creating a risk management and monitoring service for banks and other organizations considering cryptocurrency-related future products.
When cryptocurrency first began to establish itself as a major financial heavyweight, traditional banks and financial companies maintained their distance due to the decentralized nature of trading and the relatively untested technology that underpinned cryptocurrency exchanges: the blockchain.
In recent years, the potential of blockchain technologies beyond virtual coins has prompted technology vendors and banks alike to take the market more seriously -- and as cryptocurrency has proven itself to be a popular alternative to fiat currency, many financial service providers are now seeking a way to cash in.