A bitcoin derivative trading company has announced that it is working on a “secret” back-office blockchain project.
Magnr, known to offer Bitcoin saving accounts with a fixed interest rate, has launched “Project Kodo” with hopes to resolve inefficient backend processes in financial assets trading, the IBTimes reported. The company has also appointed a new Chief Execution Officer (CEO), Colin Kwan, to oversee the said project.
A former employee at Deutsche Bank and UBS, Kwan’s involvement into the Project Kodo is hopeful to bring a lot of technological and banking expertise to the table. His secretive attitude towards the Magnr’s blockchain program, though, curtained important details: like why a Bitcoin financial services platform suddenly decided to experiment with the digital currency’s public ledger?
In his conversation with the IBTimes reporter Ian Allison, Kwan, however, spoke largely about his previous employers and their take on disruptive financial technologies.
“I have to say,” he stated, “like many other incumbent banking institutions, Deutsche has a lot of infrastructure issues that need sorting out. Bitcoin blockchain is not going to fix all of that however it could solve a very large portion.”
He added: “When I was at UBS, everything ran so smoothly. They are one