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Blockchain Startup Adhara Secures $15M USD Investment From ConsenSys

Blockchain startup Adhara has secured a $15 million investment from blockchain specialist ConsenSys. Adhara is a blockchain startup that aims to bing privacy to central banks. It was founded by former banking innovators, such as Julio Faura, Santander’s former blockchain lead, Peter Munnings, former head of blockchain at FirstRand Bank in South Africa, and Edward Budd, former chief digital officer at Deutsche Bank. The startup is building a real time, multi-currency global liquidity management and international payments platform based on tokenized money over a smart contract-enabled distributed ledger. The platform will optimize bank’s capital deployment, manage risk and leverage liquidity effectively globally. It will also atomically clear and settle tokenized fiat payments with settlement finality making them timely and cost effective. The company will use the investment from ConsenSys to further develop its platform in order to introduce central banks to high-tech cryptography to drive better performance on the blockchain. It will also continue its work with the South African Reserve Bank (SARB) on an industry-grade payments mechanism. “We have an excellent technical team who have worked for many years on enterprise ethereum solutions with banks and regulators including project Ubin with the Monetary Authority of Singapore and Project Khokha with the South African Reserve Bank,” Munnings said. Faura said the company is “religious” about the holy trinity of tokenized cash, smart contracts and decentralized ledgers. “Our approach needs a single, shared, smart contract-enabled ledger where tokenized fiat can be issued and used as a basic building block,” said Faura, “And the only real option out there at the moment is ethereum, in whatever flavor. If you are religious – like we are – about tokenization, you can see it unlocking possibilities to mix this with other assets; trading with a digital representation of value means you can focus on other aspects of the financial industry.” Joseph Lubin, ConsenSys founder and Ethereum, said in a statement that they invested in Adhara because the company has a track record of delivery. “We believe they can play a leading role in establishing the future of decentralized financial networks for regulated environments,” Lubin said. The post Blockchain Startup Adhara Secures $15M USD Investment From ConsenSys appeared first on BlockTribune.
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Adhara Blockchain Startup Secures $15 Million to Bring DLT Privacy to Central Banks

Adhara Gets $15 Million Funding to Bring Blockchain Privacy to Central Banks Adhara, a blockchain startup has won $15 Million Funding from Consensys, the ethereum design studio to bring blockchain privacy to Central Banks. The company is an offshoot of Consensys South Africa, with Peter Munnings, former head of blockchain at FirstRand Bank in South Africa, as one of the co-founders. The other two co-founders are also heavy hitters: Julio Faura, Santander's former blockchain lead, and Edward Budd, a former chief digital officer at Deutsche Bank. Terms of Adhara’s funding stipulates that the company will introduce central banks to high-tech cryptography to drive better performance on the blockchain. A case in point is zero-knowledge proof technology (a way of allowing someone to prove that they have knowledge of a secret without revealing the secret itself). It is expected to achieve these while continuing its industry-grade payments mechanism of the South African Reserve Bank. Julio Faura said the team is keen about the synergy of tokenized cash, smart contracts and decentralized ledgers, which, on Adhara's platform, was implemented via a modified version of Quorum, the privacy-centric fork of ethereum. “Our approach needs a single, shared, smart contract-enabled ledger where tokenized fiat can be issued and used as a basic building block,” said Faura, “and the only real option out there at the moment is ethereum, in whatever flavor.” Faura spoke further that “If you are religious – like we are – about tokenization, you can see it unlocking possibilities to mix this with other assets; trading with a digital representation of value means you can focus on other aspects of the financial industry.” Edward Budd also highlighted the much-vaunted concept of tokenized fiat currency, saying: “Whether derived from a central bank or a commercial bank, it's the only practical way to drive adoption within regulated financial institutions.” Faura explained that his decision to leave his former employment was driven by his passion to solve real-world problems – something he said is hard to do within a large and highly regulated bank. “The challenge today is bringing blockchain technology to real things, and I think this is best done from an agile startup that can independently serve many institutions,” he said. Adhara's work demonstrates a notable advancement on another central banking blockchain test, Project Ubin – a November 2017 trial of digital ledger tech hosted by the Monetary Authority of Singapore (MAS) and involving R3's Corda, Hyperledger Fabric and Quorum. The work done by Adhara to process and settle international payments involving the South African Reserve Bank (SARB), dubbed Project Khokha, addressed a number of pain points, such as reconciling what happens at either end of a payment between a mish-mash of disconnected ledgers and the problem of continually rebalancing accounts via the central bank.
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Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX

After partnering up with the firm behind the second largest coin XRP [XRP] Ripple as one of the +200 costumers, Mercury FX announced via their official twitter handle that they transacted their largest payment across RippleNet with a positive conclusion. 1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. pic.twitter.com/WsHJuZTiOy — Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019 Using XRP, the firm transferred £3,521.67 or $4,552.41 while they cited that UK based Mustard Foods was able to save £79.17 and 31 hours on the transaction. Mustard Foods could be one of the best examples of the impact of using RippleNet could have as it opened doors to cheaper expenses, quicker orders and faster payments. As covered by John P. Njui on EWN a few days ago, The Ripple company has announced via its website that 13 new financial institutions have joined RippleNet thus propelling the number of total global customers to over 200. RippleNet currently operates in 40 countries across 6 continents. Out of the 13 aforementioned financial institutions, 5 are confirmed as using XRP to source instant liquidity for their cross border payments. The are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank. By the end of this year [2018], major banks will use xRapid as a liquidity tool. By the end of next year [2019], I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity. – Brad Garlinghouse The success behind the team from Ripple could be standing by their marketing strategy and future plans of making the financial industry a better place to be. While not displacing traditional banking systems but helping them make payments cheaper and faster, it is finding its way to take spotlight in the crypto-verse. The post Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX appeared first on Ethereum World News.
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BRD Wallet Expands Crypto User Access Across Europe With Coinify Partnership

Coinify, a European-based financial platform that provides a wallet, trading and payment processing solution, has announced that they are integrating BRD Wallet into their platform to deliver BRD wallet access to users across the European region.Specifically, the partnership provides access to virtual currencies, like bitcoin, to 34 countries across the Single Euro Payments Area (SEPA). The SEPA region is a collection of member states in Europe who are part of a payment system that simplifies bank transfers denominated in EUR. The launch is also enabled largely in part by Coinify’s newly rebranded trading solution for wallet partners.Customers will now be able to use BRD Wallet to “purchase bitcoin at cost-efficient rates with SEPA bank transfers” within Coinify’s trading platform. With BRD integration, customers will also retain control over their private keys while using Coinify.Essentially, this provides a large number of users with an efficient and secure way to buy bitcoin and other cryptocurrencies, and then allows them to immediately store it in a manner where they control what happens to their money. Typically, a user will entrust the custody of their private keys to a centralized exchange while they are waiting for trades to be executed and sometimes for much longer than that.Aaron Lasher, co-founder and chief strategy officer at BRD, highlighted the advantages of the integration for security-focused users of the Coinify platform.“We like exchanges and think security will get better in the future, but by using our integrated purchase and trading solutions, you get to keep your funds under your control 99 percent of the time, and only put them at a slightly higher risk for a short period when you make the exchange,” Lasher told Bitcoin Magazine.“Using a non-custodial wallet means that you and you alone control your funds. It’s similar to having physical cash in a (highly secure) safe at home. Only in this case, we provide our customers a digital safe (the BRD wallet) that they can keep in their pocket and carry along. Nobody else in the world has access to your funds but you, and nobody can stop you from sending or receiving funds.”Integrating a wallet that allows users to own their funds and seamlessly make trades on a platform like Coinify could help to push bitcoin adoption forward."The financial industry is ripe for disruption and we see bitcoin and the other virtual currencies as the future of payments,” said Rikke Stær, chief commercial officer at Coinify, told Bitcoin Magazine. “At Coinify, we have experienced first-hand the rising adoption of bitcoin and working with BRD as a user-friendly, decentralized wallet will only encourage the global reach of the currency."“Since launching as the first iOS bitcoin wallet in the App Store over 4 years ago, we’ve grown tremendously in North America,“ Adam Traidman, CEO and co-founder of BRD, said in a statement. “Europe will be strategic in the next phase of BRD’s global growth, and the partnership with Coinify will ensure our success in this crucial endeavour.”In August 2018, Canadian-based Coinberry exchange launched a similar BRD integration, allowing users to quickly and seamlessly buy, deposit and withdraw bitcoin on the Coinberry platform, while keeping control of their keys at all times. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 Major cryptocurrency payment service provider BitPay has reported $1 billion in transactions this past year, according to a press release Jan. 16. According to the report, the company also set a new record for itself in terms of transaction fee revenue. […] Cet article Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 est apparu en premier sur Bitcoin Central.
Bitcoin Central
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