Blockchain startup Ivy Koin has signed a partnership with digital bank Goldfields Money to commercialize the use of blockchain technology in banking.
Ivy Koin is blockchain technology for fiat and cryptocurrency business transactions which require extensive verification in the international monetary system. The company’s native token, IVY, combines know-your-customer (KYC) and know-your-transaction (KYT) standards with the inherent speed and security of blockchain. The company incorporates KYC and KYT protocols into its structure and lends those capabilities to individuals and institutions who wish to transfer other cryptocurrencies, like bitcoin.
Based in Australia, Goldfields Money is digital bank that distributes products through a largely branchless distribution network. It provides retail banking services to a broad range of customers in Perth and regional Western Australia. It recently revamped its digital banking platform to cater to the needs of technology-savvy consumers.
The partnership is a step toward further integration of blockchain technology into established financial institutions. They will work together to promote blockchain application in banking to validate and legitimize digital currency to fiat transactions within the traditional banking framework. Goldfields will utilize Ivy’s utility tokens to open new revenue streams from digital assets and meet AML/KYC and other regulatory requirements.
“The technology behind digital currencies really can’t be ignored,” said Simon Lyons, Managing Director of Goldfields Money. “The biggest issue for the traditional banking sector in dealing with this is ensuring financial institutions meet compliance obligations and are able to adequately identify the source of funds, the identity of an account holder and verify other aspects of these transactions. We are excited to be working with Ivy to pioneer solutions to confirm adequate validation in compliance with the stringent regulatory requirements that banks must meet.”
Ivy Koin President Ash Shilkin said that market research is already showing consumers embracing cryptocurrencies within their everyday spending habits, but in order for mainstream adoption, there needs to be a symbiotic relationship between financial institutions and cryptocurrency holders.
“Blockchain-based products can not only help drive secure payments, but also provide banks with the underlying verification requirements for transactions to be deemed bankable, while meeting the standards of regulators,” said Shilkin. “This opens up new customer and revenue opportunities for banks like Goldfields.”
Source: Read Full Article