On the face of it, Saifu is like some other fee establishment.
The firm is licensed within the Czech Republic and controlled like conventional banks, and it offers all of the companies you’d anticipate — checking accounts, cash transfers, foreign money exchanges, MasterCard pay as you go playing cards, on-line banking, and a cellular app.
Unlike many banks, nevertheless, Saifu additionally means that you can change cash between fiat and cryptocurrencies. Today, it has introduced a partnership with Thales, a significant European group that, amongst different issues, offers safety companies for firms resembling Microsoft, Samsung, Google, Fujitsu, and Hitachi.
Security is an enormous subject for cryptocurrencies and ICOs. From the collapse of Mt. Gox in 2014 to final month’s multi-million greenback heist at mining web site NiceHash and the declared chapter of South Korean Bitcoin change Youbit after hacker assaults took about 17 % of its complete property, assaults on blockchain-powered companies are a day by day concern.
The partnership with Thales is designed to safe Saifu from simply such assaults. Thales claims that even when Saifu’s infrastructure is hacked and criminals acquire entry to its servers, the financial institution can be protected against any malicious exercise.
Of course, many would argue that having cryptocurrencies inside a centralized, regulated surroundings resembling a financial institution is counter to the rationale cryptocurrencies exist and offers a single level of failure. But mainstream customers don’t but perceive cryptocurrencies and don’t know easy methods to make use of them in the true world.
“Cryptocurrencies are decentralized by their nature, however they don’t seem to be in compliance with present AML laws,” Alexander Legoshin, Saifu cofounder and the chair of its supervisory board, instructed me. “Saifu builds a bridge between common banking companies and these new distributed ledger cryptocurrencies. We consider that there can be cryptocurrencies with clear blockchains which might be protected to make use of for everybody, and sooner or later laws for these currencies can be in place. Regular folks will be capable to become involved in utilizing these clear currencies, and we offer a instrument for them to take action.”
Saifu believes this entry is most vital to the mainstream adoption of cryptocurrencies.
“Decentralization and anonymity are the premise of any cryptocurrency, however for a lot of new customers that’s not as vital,” Evgeny Vigovsky, Saifu’s COO, CTO and cofounder, instructed me. “They simply need to enter the market and use cryptocurrency in day by day life. At the second, the entry obstacles are very excessive; for non-tech savvy folks it’s actually tough to purchase cryptocurrency and discover a place the place it may be safely saved.”
Today’s announcement sees Saifu deploying Thales nShield hardware safety modules (HSMs) to ship cryptographic companies that defend its on-line and cellular banking companies. With this platform in place, Saifu claims it’s the first monetary service to supply bank-grade safety to the cryptocurrency world. The programs will be sure that the cryptographic keys cryptocurrencies depend on are created, managed, and saved securely.
By offering ease of use and providing a extremely safe surroundings, Saifu is betting cryptocurrencies will enter our day by day lives in a extra tangible means than they do proper now.
“We consider that within the mid-term, cryptocurrencies will change the monetary business and the best way folks dwell,” Vigovsky mentioned. “Right now, cryptocurrency is usually an funding instrument, and its reputation is rising quickly. Currently, blockchain know-how isn’t but in a mature stage and doesn’t can help you make transactions extensively. That’s why an assistant, like Saifu, is required. We present a chance to conveniently diversify an funding portfolio with cryptocurrencies, and it’s not essential to have any particular information of them.”
Of course, for cryptocurrencies to grow to be mainstream, distributors and retailers want to just accept them en masse.
“While only a few distributors settle for funds in crypto, that’s the worth for us, as a result of we’re one of many few offering a handy means to make use of crypto,” Vigovsky mentioned. “Indeed, if in case you have bitcoins, proper now there’s little to purchase with them. But when you can change these bitcoins into fiat cash in a number of seconds to make an prompt wire switch or fee from a fiat cash account (or use a Saifu Mastercard assigned to a Bitcoin account) to pay for one thing shortly, then this downside is solved.”
Saifu plans to get a full banking licence and supply a whole interbank platform for cryptocurrencies within the close to future, in addition to including bank cards to its companies and financial savings accounts that may take deposits in each fiat and cryptocurrencies.
This article sources data from VentureBeat