USAA research team studying use of Bitcoin technology

New York

USAA, a San Antonio, Texas-based financial institution serving current and former members of the military, is studying the underlying technology behind the digital currency Bitcoin to help make its operations more efficient, a company executive said.

Alex Marquez, managing director of corporate development at USAA, said the company and its banking, insurance and investment management subsidiaries hoped the "blockchain" technology could help decentralise its operations such as the back office.