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, â€œThe purpose of the pilot is to start proving some of the efficiencies that blockchain brings â€“ specifically as core infrastructure for a bank.
â€œThe average cost of regulatory compliance for a bank is about 30 percent of its budget. â€¦ Weâ€™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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