August 6, 2019 | Written by: Sean Bennett
Categorized: Banking and Financial Markets | Blockchain Explained | Blockchain in Financial Services
Share this post:My company, Stronghold, is a financial services provider of native blockchain solutions. When my co-founder and I saw the rise of blockchain platforms, we felt that most were focused heavily on the technology and too far removed from real-world use cases.
Bearing this in mind, we’ve applied blockchain technology to traditional fiat currencies. Instead of working to convince consumers to adopt Bitcoin and other cryptocurrencies, we’re disrupting legacy systems for transmitting value by making the entire process faster and less expensive.
Our core product is Stronghold USD, a digital token that’s backed one-to-one against the US dollar by cash reserves on deposit. Unlike volatile digital tokens that are pegged or algorithmically synced to the dollar, Stronghold USD has a stable value. To help ensure that our institutional-grade regulatory technology integrates with traditional banking systems, we also offer a platform API.
As the first U.S. dollar settlement vehicle to be used on IBM Blockchain World Wire, we’re already creating new efficiencies for organizations and individuals that wish to transmit value. Here are two promising use cases:Extending banking to underserved populations
In many parts of the world, people who lack wealth or live in isolated areas may not have access to financial services many of us take for granted, such as ATMs and debit cards. As a result, they’re at a distinct disadvantage when it comes to accessing cash, credit and identity management services.
For example, if I wanted to send money from San Francisco to someone in the Philippines...