PwC, one of Australia's leading professional services firms, has announced the launch of a new fintech capability called 'Vulcan Digital Asset Services' to enable digital assets to be used for everyday banking, commerce and other personal currency and asset related services.
According to the official press release, Vulcan digital asset services will include highly secure digital currency wallets, international payments of a wide range of digital currencies, crypto investments and trading, reporting and compliance services, as well as Smart (programmable) money service, that allows to create and support native digital currencies and rewards based systems.
Robert Allen, PwC Director and Vulcan Lead, said:
“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. It is the first of its kind globally and has been created to bring digital assets and currency to the mainstream."
Vulcan has been built by PwC in conjunction
with enterprise blockchain solutions provider Bloq, blockchain integration, reporting, compliance and analytics provider Libra, and digital identity start-up Netki. In this regard, the Vulcan platform enables Fintech start-ups and existing innovative technology companies to gain access to PwC’s global client base and co-develop new product offerings.
John Shipman, PwC’s Fintech Asia Leader commented:
“Traditional financial services companies have taken a cautious approach to digital currencies because of the perceived issues with trust and transparency. Vulcan came about because we were looking at these issues in relation to Bitcoin – the poster child of digital money – 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."
The platform is currently being piloted by an international banking group and a Central Bank, and being assessed by an airline and another three multinational banks.