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Attic Lab to Offer Blockchain Solution to Ukraine’s Alliance Bank

Avatar Gautham 2 years ago

When it comes to blockchain platform development and adoption of cryptocurrency, the Eastern Europe is a strong force to reckon with. The number of crypto-platforms emerging out of this region since the past one year shows an increasing interest in the technology among entrepreneurs and startups. Among the countries in the region, Ukraine probably has the strongest crypto-ecosystem.

The startup community in Ukraine has players working in the cryptocurrency sector, to create blockchain and smart contract platforms and provide distributed ledger solutions to other industries. Attic Lab is one of such fintech company in the region that is working with the country’s banking institutions to implement blockchain-based banking solutions.

Earlier this year, Attic Lab announced its partnership with Alpari Bank to implement SmartMoney, a blockchain-based banking system to enable peer-to-peer money transfers between mobile wallets, smart contracts, trustless escrow and more. The company is in the news yet again for its latest collaboration with Alliance Bank.

According to reports, the recent partnership with Alliance Bank is similar to the once with Alpari Bank where Attic Lab will be integrating SmartMoney banking blockchain system for the latter. The collaboration was announced by Attic’s CEO Sergei Vasilchuk on Facebook.

Vasilchuk was quoted by news publications saying,

“Alliance Bank has become not just our client, but a partner and a fellow thinker in building the financial system of tomorrow. Sources, libraries and API’s will all be open. We plan a sandbox and prizes for the best applications based on electronic crypto-hryvnias”.

The SmartMoney distributed ledger infrastructure is designed to be interfaced with the country’s National Payments System PROSTIR. It will introduce the goodness of blockchain technology to conventional banking and payments systems, enabling efficient and cost-effective fund transfers.

The implementation of blockchain technology in the banking sector is a global movement. However, in Ukraine’s context, the banking institutions have exhibited a friendlier approach to cryptocurrency and blockchain technology. The near future will see more such implementation across other institutions within Ukraine and across the Eastern Europe.

Ref: Econotimes | Image: NewsBTC
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