Consulting and auditing firm PricewaterhouseCoopers (PwC) has unveiled a new cloud-based fintech platform to enable use of digital assets for everyday banking, commerce and other personal currency and asset related services.
PwC teamed up with enterprise blockchain solutions provider Bloq, Libra, blockchain integration, reporting, compliance and analytics provider, and digital identity start-up Netki to develop the new platform.
Dubbed Vulcan Digital Asset Services, the new offering will facilitate digital asset wallets, international payment processing and investment as well as trading services.
At a later point, the platform will also provide point-of-sale and merchant services as well as create and support native digital currencies and rewards based systems.
PwC said that the new platform will offer fintech start-ups and existing technology firms access to its client base and allow them to co-develop new products.
PwC director and Vulcan lead Robert Allen termed the platform the “first of its kind globally” and said that will “bring digital assets and currency to the mainstream”.
“Vulcan is a cloud-based platform that enables banks and corporates to offer a suite of new digital currency related products and services to individual, retail and institutional customers within a trusted, transparent and compliant ecosystem,” Allen stated.
PwC fintech Asia leader John Shipman highlighted that traditional financial providers often adopt a cautious approach to digital currencies because of trust concerns.
“Vulcan came about because we were looking at these issues in relation to Bitcoin – the poster child of digital money – and in particular, how we can solve challenges relating to the issues of anonymity, and existing regulatory requirements, and recourse given its cross-border nature, function as a store of value and lack of central control," Shipman said.