Epiphyte : Bridging the blockchain, fintech Finance
But the cost of financial transactions is excessive, adds Yago, not to mention how the murky inner workings of the economic system leaves it vulnerable to crashes. Customers connect to our platform over API Through the API they can perform on-demand payments while Epiphyte negotiates the transaction over the blockchain on their behalf. SpecialFX, is expected to launch later this month and will allow customers to deliver payments in regular currencies to accounts in foreign countries. The UK company estimates it will send around 100k USD per day to Brazil. Epiphyte, a London-based startup, specializes in using blockchain technology to provide instant settlement of transactions.
Epiphyte, to Offer Transaction Clearing Settlement Via
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Summary epiphytes mission is to unite the world through a global free market. Ultimately, Yago doesnt want to see blockchain technology replace the existing financial systems, but to become an integrated part of them: Were working on making our tools easy to adopt, conforming to existing regulation and existing business processes, and making the technological integration as low-cost. Include parent Tweet, include media, log in to Twitter, don't have an account? The blockchain is at the heart of Epiphyte, but CEO and founder Edan Yago is more interested in what the technology can do for banks to power instant, low-cost financial transactions. It offers instant settlement versus payment.
Epiphyte.com - Making International Money Transfers Secure, Faster
Edan Yago, CEO, m talks about how Epiphyte is one of the handful of companies in the world that provides international transaction settlement using blockchain technology, not correspondence banking. Commenting on the news, Edan Yago, CEO of Epiphyte, said: There has been a huge amount of hype about the potential to use blockchain for cross-border payments and to settle financial transactions. The launch of the sandbox followed the creation of the FCAs Innovation Hub in 2014, an initiative aimed at facilitating the regulatory journey for both new and established firms with innovative business models in the financial services sector. Using lightning network for fast transactions (1000 per second Epiphyte is able to scale when needed and provide faster, seamless transfers of money worldwide.
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ChainReactor makes integrating with blockchain financial infrastructure and building compliant products upon it easy. Financial institutions will be able to choose blockchain networks as an alternate route for the international leg of their payments, bypassing swift and other banking systems. The reason why Yago says this, it should be noted, isnt because blockchain is irrelevant to what the company does its indeed at the heart of the operation.