Goldfields Money forms strategic alliance with Ivy Koin

Australia’s new revolutionary digital bank, Goldfields Money (ASX:GMY) is pleased to announce a strategic partnership with Los Angeles-based Ivy Koin, a developer of blockchain-based solutions for financial institutions to validate and cater to compliance needs for fiat & digital currency business transactions.

Under the agreement Goldfields Money & Ivy will be working closely together to commercialise the use of blockchain technology in banking to validate and legitimise digital currency to fiat transactions in the traditional banking framework.

Goldfields Money has recently revamped its digital banking platform and has a modern mindset working to cater for the needs of technology savvy consumers. Ivy’s technology is a perfect solution to explore new digital currency markets.

Ivy uses blockchain and utility tokens to provide 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 Anti-Money Laundering, 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 issues for the traditional banking sector in dealing with digital currencies are ensuring that financial institutions meet their 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.”

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Source: Goldfields Money Ltd (ASX:GMY) Strategic Alliance with Ivy Koin LLC – ABN Newswire (@ABN_Newswire)