KPMG Lists Blockchain Startup OnChain among Top 50 FinTech Companies

It is always positive to see blockchain companies being labeled as a “top fintech company”. A new list of 50 top fintech businesses, released by KPMG, mentions OnChain. This particular company offers enterprise-grade multisignature Bitcoin wallet API services. An innovative solution, as they secure Bitcoins on behalf of some of the world’s leading cryptocurrency enterprises.

Bitcoin and OnChain Are A Part of Fintech

Bitcoin and Fintech are two peas in the same pod. Financial technology encompasses everything, from apps to artificial intelligence, and also cryptocurrency. With such a large focus on blockchain technology and distributed ledgers, the worlds of Bitcoin and fintech collide at regular intervals.

It is not entirely surprising to see a Bitcoin and blockchain company mentioned in KPMG’s top 50 Fintech list. Although the majority of startups and businesses have little or nothing to do with these two technologies, OnChain was not overlooked either. Security is an integral part of Fintech innovation moving forward.

What OnChain does is offer a simple web API to secure Bitcoin funds storage. By using multisignature solutions, no one individual can send funds without the permission of other key owners. So far, the company claims to serve over 100,000 Bitcoin wallets, representing millions of dollars in transaction volumes. They also offer access to various hosted blockchain API’s through their Gem solution. 

The fact that KPMG China acknowledges this company in the first place is another validation of Bitcoin and blockchain technology. At the same time, it goes to show the Fintech sector goes well beyond traditional finance. Leveraging new technologies to provide a better financial ecosystem is what all of these 50 companies are focusing on.

KPMG China Partner Raymond Cheong stated:

“The future of consumer finance hinges on the ability of Fintech companies to leverage big data through customer profiling technology. This allows companies to provide more personalised credit services, improve scenario-specific services, and expand the pool of customers with access to better financial services to those that might traditionally have been excluded.”

With the current focus on collaboration between financial institutions and Fintech companies, an exciting future awaits. It is not unlikely banks will work together with OnChain at some point. Some experts even predict European banks will start offering Bitcoin accounts very soon. If that were to be the case, secure solutions such as the one provided by OnChain are well worth looking into.

Source: KPMG

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