The rapid rise and incredible success of Bitcoin (and those who adopted it early) forever changed our understanding of traditional currency, and how it could be used. Fast-forwarding to the present, the same technology behind the world’s first and most-established cryptocurrency is on the verge of bringing large-scale change to the financial sector.
Having focused on the B2B space and young entrepreneurs, e-banking platform Monaize recognized the industry shift early on – this has driven its adoption of blockchain platforms and technology via a new strategic partnership with Komodo.
“Our mission is to push the boundaries in innovation through a long-term partnership with the Komodo Platform. Our joint vision is to bridge banking and blockchain, and to help cryptocurrencies achieve mainstream adoption,” explained a Monaize spokesperson to Finance Magnates.
Presently, there are now a growing number of different blockchain platforms that are disrupting traditional industries. Komodo represents one of the most promising and upstart option amongst these platforms, which is also part of a greater blockchain ecosystem known as SuperNet. SuperNet has been responsible for a number of successful cryptocurrency projects that have benefited from the latest in blockchain technology and a talented rank of developers.
Monaize has already streamlined the process of setting up and managing a business, giving young entrepreneurs the technology to open business bank accounts and process microtransactions within minutes. The team at Monaize is now looking to expand on that momentum to bring even more powerful e-banking features to its customers.
These blockchain-based solutions will include professional insurance, innovative payment solutions, cryptocurrency wallets, crowd lending and factoring; empowering entrepreneurs to focus on their businesses. By extension, Komodo will be providing these features to the Monaize user base, making them the first in the UK to be granted this type of banking technology.
Decentralized Initial Coin Offering
In addition to bringing blockchain-based solutions to Monaize e-banking users, Komodo is also working with the Monaize team to offer the world’s first Decentralized Initial Coin Offering (dICO). Initial coin offerings (ICOs) have been around for some time now, allowing investors to purchase a digital currency in its early phase at a reduced price with the potential for rewards.
This funding mechanism can bring investors big returns in the event of a coin and/or project gaining in value (recall individuals getting in on the Bitcoin action when they were worth pennies, not thousands of dollars).
The dICO will allow Monaize users (and the general public) to partake in a public offering of Monaize’s own digital currency: Monaize coins (MNZ). However, unlike traditional coin offerings, these will be decentralized. One of the core features that makes a decentralized offering different from traditional ICOs is that the dICO does not require that a human hold the customers’ funds in escrow while the transactions are verified. This is important as the entire process is automated, providing the group’s customers with far greater security .
Rather than having a central party holding and deciding over individual transactions, which in some ICOs has brought negative attention regarding the potential for scams, the dICO will provide customers with an added layer of security. This will also enable the immediate reception of coins via a peer-to-peer transaction. The development has developers excited because they will be able to create their own blockchains independently.
Ultimately, Monaize and Komodo are collaborating on a future in which blockchain technology will give banking customers multiple cryptocurrencies and methods of transacting these currencies in an instantaneous and secure way.