Tech

Steve Kaaru

Mphasis, Bitfury team up on new financial services platform

India-based technology firm Mphasis Ltd. has teamed up with Bitfury to create a digital token or platform which they believe will automate financial services such as payments. The blockchain start-up company has made this partnership looking to automate international transactions between countries, according to an executive with Mphasis.

While the agreement has been reached, the details have not been provided. Andres Ricaurte, VP and head of global payments, provided some information about the goal of the partnership. “Our goal is to accelerate the disruption and transformation in the trade finance space. The exact end-goal — whether it’s a platform, a trade token, or a consortia is still to be figured out,” he explained.

While many projects are seeking to reach the same aims of this partnership, no one has been successful to this point. According to Ricaurte, it has been the lags in visibility and liquidity that have been the key issue to this point. According to the Mphasis executive, these issues have resulted in a $1.5 trillion gap between the demand and the supply of trade finance.

“A digital representation of the liquidity that’s trapped inside this supply chain and leveraging that representation to make trade transactions more seamless and transparent to everyone,” Ricaurte is quoted as saying.

While this appears to be a big move for Mphasis, the big headline is Bitfury. On April 25, Bitfury had collaborated on a project with Final Frontier to launch a new cryptocurrency mining fund that was specifically aimed at attracting institutional and corporate investors. Final Frontier explained in a statement that they wanted to provide “convenient access” to these investors.

Just three weeks prior to this, Bitfury collaborated on a project with Longenesis to launch a new blockchain consent management solution, which they proposed would streamline the data collection process involved in medical research. This would provide a more secure system while also providing time stamping of information for future auditing.

At the beginning of February, Bitfury partnered with Commons Foundation to set up a crypto mining facility in Paraguay. This partnership was designed to provide “a series of transaction processing sites in Paraguay.”

What is occurring here is quite simple. While a whole series of new innovations are being created, it is Bitfury who is finding themselves as a growing leader in the development of blockchain technology that can be used across a diverse spectrum of industry. This is a pretty impressive accomplishment for the start-up company.

Already valued at $1 billion, they have quickly become one of the largest companies in terms of those who are developing blockchain solutions for both industry and government.

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