Financial services company PwC has introduced Vulcan Digital Asset Services, technology which enables digital assets to be used for everyday banking, commerce and additional personal currency and asset-related services.
Those services include digital asset wallets, international payment processing, and investment and trading services with POS/merchant services and the ability to create and support native digital currencies and rewards-based systems coming soon.
“Vulcan is a cloud-based platform that enables banks and corporates to offer a suite of new digital currency related products and services to individual, retail and institutional customers within a trusted, transparent and compliant ecosystem,” PwC director and Vulcan lead Robert Allen said.
“We’ve created Vulcan because at PwC we believe new technology supported by advances in cryptography and network computing – particularly blockchain – will transform the consumer, government and financial market industries and shape the next generation of money.”
“Traditional financial services companies have taken a cautious approach to digital currencies because of the perceived issues with trust and transparency,” PwC fintech Asia leader John Shipman said.
“Vulcan came about because we were looking at these issues in relation to bitcoin, and in particular how we can solve challenges relating to the issues of anonymity, and existing regulatory requirements, and recourse given its cross-border nature, function as a store of value and lack of central control.”
Mr. Shipman added pilots related to digital assets, trusted wallets and digital money are underway.
PwC built Vulcan in conjunction with digital identity company Netki, enterprise blockchain solutions provider Bloq, and blockchain integration reporting, compliance and analytics provider Libra.