News and Announcements
Change Financial (ASX: CCA) to Develop Blockchain & Cryptocurrency Solution
- Published November 07, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Change Financial is set to embark on a new partnership venture for the development of blockchain-based cryptocurrencies that will be made available to businesses.
- A separate limited liability company will own the Ivy Project allowing Change Financial to develop the cryptocurrency solution without affecting the company’s operational costs.
- The use of cryptocurrencies is on the rise, but many businesses are still hesitant to use it because of the anonymity involved in the financial process.
Change Financial Limited is set to acquire a 33% equity interest in a new partnership venture. Named the Ivy Project, the new venture will develop blockchain, cryptocurrency technology that will provide solutions to the global payments market pegged at $1,250 trillion.
Change Financial has previously developed a blockchain-based ledger system for its Enterprise SaaS and consumer baking transactions.
The pooled talent of cryptocurrency, regulatory and security experts is expected not only develop cryptocurrency solutions but also make them available to businesses. This is in line with Change Financial’s vision to harness technology and come up with innovative and cheaper banking solutions.
“Involvement in the Ivy Project is a natural investment for our Company as blockchain and cryptocurrency are rapidly evolving as an innovative solution for storing data, moving money and conducting transactions. We have grown to service 130,000 banking customers in the US, and this investment will extend our reach into business-to-consumer (B2C) and business-to-business (B2B) banking,” Change Financial Managing Director and CEO Ash Shilkin said.
Shilkin said the project will allow Change Financial to develop banking solutions without dipping into the company’s operational resources. The company has shown a strong double-digit growth since its Initial Public Offering. Aside from having an equity position in the Ivy Project, the company is also confident that the significant quantity of cryptocurrency it holds will increase its value over time.
The blockchain-based cryptocurrency that will be developed through the Ivy Project will be used for business transactions amounting to $10,000 or more. The technology will allow transaction-specific payment Know Your Customer (KYC) information to be embedded.
The widespread use of cryptocurrency has been prevented by various factors including the anonymity of the transactions which many fear would pose legal issues including money laundering. The Ivy Project is expected to allow millions of businesses to gain access and benefit from the convenience, speed and cost of the use of cryptocurrencies.
About Change Financial (ASX: CCA)
Previously, ChimpChange Limited (ASX: CCA), is Australia’s only listed digital banking platform. The Company offers consumers secure, low-cost, feature-rich bank accounts. Based in Los Angeles, California, ChimpChange delivers a better way to bank with two key value propositions to customers.
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