Australian Digital Bank, Goldfields Money Limited, Partners with Fintech Disruptor Ivy Koin LLC to Legitimize Digital Currency Transactions
Ivy Koin LLC (Ivy), a developer of blockchain-based solutions for financial institutions facilitating compliance needs for fiat and digital currency transactions, announced a partnership with Goldfields Money Ltd (Goldfields Money ASX:GMY). Goldfields Money and Ivy will work together to commercialize the use of blockchain technology in banking to validate and legitimize digital currency to fiat transactions within the traditional banking framework.
Goldfields Money Ltd, Australia’s new, revolutionary digital bank, has recently revamped its digital banking platform, catering to the needs of technology-savvy consumers. Ivy’s technology leverages blockchain and utility tokens to deliver an innovative solution for validation. These tokens will carry “Know your Customer” (KYC) and “Know your Transaction” (KYT) information, critical for financial institution validation, and will allow Goldfields Money to open new revenue streams from digital assets and meet AML/KYC and other regulatory requirements.
Simon Lyons, Managing Director of Goldfields Money, said, “The technology behind digital currencies really can’t be ignored. 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 LLC President Ash Shilkin said, “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. This opens up new customer and revenue opportunities for banks like Goldfields.”
This announcement comes during a time of increased interest in KYC and KYT technologies, as they are necessary for banks, financial institutions and exchanges to meet regulatory requirements. The partnership between Ivy and Goldfields Money is a step toward further integration of blockchain technology into established financial institutions.