Cryptocurrency company Knabu is reportedly piloting its platform with bank regulatory reporting with Factom.
While the company is engaging in the pilot test, it is also in talks with getting a UK banking license so it can establish itself as a bank for crypto and blockchain firms which are normally excluded from other banking services, according to an article with CoinDesk.
Knabu founder and CEO Gabrielle Patrick said, “The purpose of the pilot is to start proving some of the efficiencies that blockchain brings – specifically as core infrastructure for a bank.
“The average cost of regulatory compliance for a bank is about 30 percent of its budget. … We’re a blockchain-first company and felt that it was necessary to demonstrate the features that can remodel that.â€
Knabu is a decentralized technology platform which help companies to lower their KYC and AML compliance costs. Its goal is to build a digital financial institution for the FinTech space which will enable domestic and international payments and products and services.
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