Digital currencies may have launched the blockchain conversation, but it’s no secret that they’ve taken a backseat amid rising interest in distributed ledgers.
Now, with the help of ‘Big Four’ audit firm PwC’s Australia division, a trio of startups are making a play aimed squarely at altering this narrative by convincing financial institutions that bitcoin (and the open network of digital currencies that has sprung up around it) could help them launch new services and better serve existing customers.
Called Vulcan Digital Asset Services, the platform (a joint effort by Bloq, Libra, Netki and PwC), aims to enable the professional services firm’s clients to launch digital assets that would be interoperable with and trade alongside bitcoin and its many alternatives.
In interview, Vulcan lead and PwC Australia blockchain leader Robert Allen explained that the initiative grew out of a bid to make bitcoin more accessible to large institutions.
Allen told CoinDesk:
“Where we started was with digital currency, ‘How do we make bitcoin relevant to banks?’ It soon became apparent that using identity, using methods to apply compliance and regulatory reporting to cryptocurrencies like bitcoin actually had a wide application.”
Allen explained that a retailer could use Vulcan