Netki, a provider of Open Source and Open Standards compliance solutions for Blockchains, announced the first production platform for Central Banks using its Digital Identity Service. Bitt and Netki provide the solution through a Blockchain based central bank digital currency issuance that has the potential to modernize the financial system of the region, thereby ushering in the establishment of a stronger payment and settlement framework with unprecedented levels of economic growth.
Bitt is the architect of Blockchain and distributed ledger based technology infrastructure for interbank transactions and cash digitization systems for central banks.
“Bitt joined forces with Netki as part of our ongoing initiative to bolster compliance efforts and provide an effective means for all people, including underbanked individuals to engage in the global economy through digital payments that are low cost, secure, easy to use and highly efficient,” said Gabriel Abed, CEO of Bitt.
“Correspondent banks have de-risked some local Caribbean banks based on perceived higher risk and lower returns. This prevents these local Caribbean banks from having access to foreign markets and also hurts merchants and customers who are unable to access foreign banks and financial institutions,” said Oliver Gale, President of Bitt.
Across more than 7000 islands, the Caribbean has 13 sovereign island nations and 12 dependent territories, most with their own financial system and currency. To try and stabilize their independent currencies, a number of local currencies are pegged to the US dollar or Euro. Many Caribbean nations are still struggling with low economic growth, the effects of de-risking by US correspondent banks and the high cost of compliance. Central bank digital currency issuance is a viable solution to solve a number of problems in the payments system today. With both Bitt and Netki working together, central banks in their role as regulators and banks will have all the necessary identity information required for transactions. This will lower risk levels and increase the ease of doing business.
Netki CEO Justin Newton, Bitt CEO Gabriel Abed and Central Bank of Aruba General Manager Economic Policy Ryan Petersen are presenting a keynote today on the main stage at Consensus. The presentation begins with an overview of Netki and Bitt’s technology and how it meets the risk and compliance requirements of central banks and ends with the Bank of Aruba’s representative joining the conversation to discuss goals, challenges and opportunities for Blockchain technology as a tool for financial inclusion and market access.
“For new innovation, inclusion and value creation to happen on the Blockchain, financial institutions must meet risk and compliance regulations, which Netki provides through its Digital Identity Service,” said Justin Newton, CEO of Netki. “With a digital identity standard in place, financial institutions can realize the benefits of Blockchain, expand their service offerings and market coverage.”
Netki Digital Identity Solutions are being used with Bitt’s Mobile Wallet, Merchant Processor, Teller, ATM, Debit Card, and Exchange. Bitt is providing the payment network to interconnect the Caribbean using the Blockchain to form the Caribbean Settlement Network.
The Netki Digital Identity Solution manages the onboarding process through identification, know your customer requirements and compliance. Netki issues certificates for communication between peers using the BIP75 protocol where identities are exchanged meeting risk and compliance regulations. Additionally, the Netki solution streamlines onboarding of new customers, merchants and banks to use this process.
Founded in 2014, Netki is a Los Angeles based financial technology company developing Open Source and Open Standards based Digital Identity solutions that allow financial service companies to meet regulatory compliance requirements and legal non repudiation on both public and private Blockchains. Netki’s digital identity solutions are part of the IBM Blockchain ecosystem and PwC Australia’s Digital Asset Services. For more information, visit https://www.netki.com.
Bitt’s business model is focused on using Blockchain technology to facilitate digital payments, the issuance of digital fiat currency by central banks and the introduction of a regional settlement network for the Caribbean. Bitt is headquartered in Barbados, and locally employs approximately 50 people. In April 2016, US based Overstock.com, partnered with Bitt to boost the company’s development providing investment, operational, legal and other strategic resources leveraging the vast network of talent from their own team as well as teams from related ventures such as T0 and PeerNova. For more information visit https://www.bitt.com.
- Grid Foundation unveils an Enterprise ‘Cloud Operating System’ for All Blockchains - October 23, 2017
- Cashaa welcomes Central bankers, MIT scientists and Fortune Top 500 Leaders for its CAS token sale - October 23, 2017
- Sun Exchange Raises $1.6 Million Seed Investment to Catalyze Global Shift to Solar Power - October 22, 2017
- Brickblock And Nakamo.to Announce Partnership To Fuse Real-world Asset Trading With The Potential Of IOTA’s Tangle Network - October 22, 2017
- Wirex inks deal with SBI Holdings to establish Asia focussed joint venture – Japanese cryptocurrency payments card expected soon - October 22, 2017
- CrowdWiz successfully raises over $5 million in its pre sale to bring democracy to investing by cutting out the middleman - October 22, 2017
- Soma – launches ICO to tackle marketplace fraud and disrupt the $1.7 trillion global second-hand goods industry - October 22, 2017
- LiveEdu.tv Launches ICO and Announces Presale - October 22, 2017
- Yetta announces ICO of European Commission funded Blockchain Research and Development - October 22, 2017
- Pulsar Venture Capital Holds ICO to Raise Money Using Blockchain - October 19, 2017
- Dash Expands Reach In Asia Through Cooperation With Rising Fintech Company QUOINE - October 19, 2017
- Hacken and Neuromation Partnership Launched to Stomp out Blockchain Cybercrime - October 19, 2017
- Playkey Brings in $1 Million in Pre-Sale Campaign and Welcomes Dillon Seo as VR Advisor - October 19, 2017
- SolarCoin Founders Introduce New Blockchain-Based Network for Global, Decentralized Energy Trading - October 19, 2017
- Kazakhstan’s Lendex.io plans ICO in early 2018 - October 19, 2017
- Swissborg – The Blockchain Era of Swiss Private Banking – Announced ICO - October 19, 2017
- Bank4YOU Group’s launches ICO end of October – Investors Call to Action - October 19, 2017
- Live Pre-sale of Trive: Fights Fake News Using Cryptocurrency and Crowdsourced Research - October 19, 2017
- A New Ozone Layer? Arcona Plans for Augmented Reality Layer to Cover Earth Surface in new AR project - October 19, 2017
- Cofound.it Introduces Seed Program for Early Blockchain Startups - October 19, 2017
- LOOMIA Announces Collaboration With Storj Labs, Introduces Smart Fabrics and Consumer Data to Blockchain Technology - October 19, 2017
- DECENT Launches Beta Release of DECENT GO, The First Decentralized Marketplace for Digital Content - October 19, 2017
- Orebits Corporation, Inc. Announces Orebits Pool, LLC and Orebits.AU Eco-System - October 19, 2017
- Pareto – the Peer to Peer Financial Content Marketplace Announces Token Sale - October 19, 2017
- Appsolutely Launches the LoyalPlatform, LoyalCoin and LoyalWallet; Using Blockchain to Usher in the New “Loyalty Economy” - October 19, 2017
- Eidoo Raises $27.9m In Successful ICO To Bridge The Cryptocurrency Gap And Open The World Of Digital Currencies To The Masses - October 19, 2017
- Malta-based RoboAdvisorCoin (RAC) Launches Token Sale for Robo-Advisor Dedicated to Cryptocurrencies and Digital Assets - October 19, 2017
- BLOCKv Announces the Availability of VEE Tokens Through Its Upcoming Token Generation Event – Open to Public on October 19, 2017 - October 19, 2017
- The Fundchain initiative starts again this year with new Research & Development roadmap for the investment fund industry - October 19, 2017
- Digital Cryptocurrency Vault DigiPulse Reaches $1 million in Token Sale - October 19, 2017
- Tickets Cloud Kicks off crypto.tickets ICO - October 19, 2017
- Ex-JP Morgan Vice President Dr Joseph Chen-Yu Wang Joins Ambrosus as Project Manager - October 19, 2017
- Russian Wood for Cryptocurrency – Timber! - October 19, 2017
- Proof Suite Announces Token Sale for Blockchain Platform Designed to Tokenize and Insure Real World Assets - October 19, 2017
- DataWallet Announces Blockchain-Based, Consumer-to-Business Data Exchange - October 19, 2017
- IEEE Releases Findings from First Detailed Study of Blockchain Adoption in the Pharmaceutical Enterprise - October 19, 2017
- Horizon State Launches Token Sale to Modernize Global Voting and Collaborative Decision Making - October 19, 2017
- Metaps Plans to Launch Time Marketplace ‘Timebank’ Token Sale on COMSA - October 19, 2017
- Lykke Vanuatu brings Binary.com tokens to Lykke Vanuatu Exchange - October 19, 2017
- After raising $15M in a pre-sale, BitClave is ramping up for its Nov 8 crowdsale, and its plans to redefine the search experience - October 19, 2017
- Kazakhstan Is About To Launch The First Cryptocurrency, Directly Backed By Fiat Money - October 19, 2017
- Positive.com launches to protect Initial Coin Offerings from cyber attack - October 19, 2017
- Latium Launches LATX Cryptocurrency Token Sale for Participation in AI-Based Tasking Platform - October 18, 2017
- IBM Announces Major Blockchain Solution to Speed Global Payments - October 18, 2017
- Launch of SMSCHAIN, a Blockchain-based SMS Gateway - October 18, 2017
- Streamr Concludes a 30 Million CHF Crowd Contribution Period to Build Decentralized Real-Time Data Economy - October 18, 2017
- Publica Building New eCommerce Platform for the Publishing Ecosystem – Token Sale Coming Soon - October 18, 2017
- BLOCKv Partners with Storj Labs to Provide Decentralized Storage Architecture and New Toolsets to Power Next Generation Digital Objects - October 18, 2017
- Coinme Announces the Start of the UpToken Sale Today With Over $40 Million USD in Pre-Registration Signups - October 18, 2017
- Blockbid Announces Launch Of ICO Backed By Multi-Cryptocurrency Trading Platform - October 18, 2017