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Ivy Koin, Goldfields Money look to blockchain for identity, transaction verification improvement

Tony Zerucha

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Ivy Koin, a developer of blockchain-based solutions for financial institutions, today announced a partnership with Goldfields Money (ASX:GMY). The two 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, a new Australian digital bank, leverages blockchain and utility tokens for customer validation. These tokens will carry KYC and “know your transaction” information, and will allow Goldfields Money to open new revenue streams from digital assets while meeting AML/KYC requirements.

“The technology behind digital currencies really can’t be ignored,” Goldfield Money managing director Simon Lyons said. “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.”

“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,” Ivy COin president Ash Shilkin said. “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.”

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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