More recently, Currencycloud has received an additional $ 25 million funding from Google’s venture capitalist GV (Google Ventures) and is currently investing 55 million US dollars. Investors include Google, Sapphire, Notion Capital and the Japanese e-commerce giant Rakuten.
Google’s currencycloud is similar to the R3 consortium. The only difference: Currencycloud is not based on the blockchain, but on a technology that was inspired by the blockchain. The system is applicable to a wide range of financial products, including transaction processing.
In essence, the currencycloud operates as a cross-bank ledger, which enables fast and secure transactions in a cost-effective ecosystem. To make use of the Currencycloud, banks only need an API.
The question remains whether blockchain technology is relevant to finance and whether it can actually improve banking services. Banks begin to recognize that a blockchain without bitcoin or the most important digital asset, the hash power and an open community of developers, is not efficient and secure.
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