Blockchain

Why EqiBank’s Partnership with Unido Makes Sense

EqiBank’s Partnership

As cryptocurrency and blockchain technology keep making inroads into traditional finance, some long-time bears have started to change their tune about its prospects. Even Shark Tank’s Kevin O’Leary now admits that “digital currencies are here to stay,”  as he disclosed holding a three percent weighting between Bitcoin and Ethereum. 

However, some of the main criticisms of the space still hold true despite the recent interest. Custody and security are still issues that discourage many investors and institutions. PayPal’s recent acquisition of crypto security firm Curv confirms these needs, while J.P. Morgan’s plans to launch a “cryptocurrency exposure basket” seek to circumvent them.

More innovative companies, such as digital banks, might approach the problem with crypto-native solutions. EqiBank is a service for business and high-network individuals that has chosen to rely on a specialized institutional partner for all things blockchain. The digital bank looks to build crypto custody and crypto trading products with technology developed by Unido, citing “market leading security solutions, based on patent-pending fragmented key signing engine, and its easy-to-use client experience.”

Unido consists of a custody service that provides easy-to-use enterprise-grade solutions for investors, asset managers, and crypto-native companies. It allows users to store and manage their digital assets from a central dashboard where they’re protected by advanced security technology. Here, they are able to access services that are compatible with most blockchains and include a business banking portal as well as a DeFi Vault that provides yields on idle assets. 

More relevant is the platform’s offering of a crypto bank-in-a-box that is integrated with legacy fiat systems and centralised CRM’s of existing banks, exchanges, and custodians. It allows institutions such as EqiBank to offer crypto wallets as a service to store client digital assets, avoiding hack risks as well as transparency issues. EqiBank will also be able offer its client base personalized wallets where they hold their assets directly. However, the bank will be able to maintain control over transactions in end-user wallets by holding enough key fragments to authorize transactions.

Other features included in Unido’s model of crypto banking are payment and transfer of digital assets for payroll and suppliers, multi-user wallet management, and analytics on financial activity based on tamper-proof data. This allows for an efficient on-chain implementation of corporate governance that is set to benefit EqiBank clients.

Altogether, “this brings EqiBank clients easy access to secure crypto storage, OTC transacting, and DeFi investing,” as noted by EqiBank CCO Edwin Carlson. Unido’s solutions will be available to existing EqiBank clients and will likely drive the acquisition of new users who haven’t joined the cryptocurrency markets over security concerns. Likewise, Unido solutions are hyper-scalable thanks to its use of the Polkadot blockchain.

These kinds of platforms are becoming a go-to solution for institutional investors who continue to join the blockchain and cryptocurrency space. EqiBank’s use of Unido technology is set to introduce a new host of users to better and more secure banking services with solutions that are crypto-native.

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