AlphaPoint Launches Custom Blockchain Solution for Financial Institutions
White label technology provider for digital asset exchange AlphaPoint has announced the launch of StreamCore, a multi-asset blockchain solution dedicated to financial institutions.
Headquartered in New York City, AlphaPoint is a software company that provides both a full stack white label digital currency exchange platform, as well as various back end solutions for institutions and startups.
AlphaPoint is reportedly powering over 20 digital assets exchanges around the world, including meXBT from Mexico, bit.tt from the Caribbean, flowBTC from Brazil, Cointrader.net from Canada, and Bitfinex from Hong Kong, as well as Bitcoins Norway.
Now with StreamCore, the startup is particularly eyeing banks and financial institutions.
“The blockchain represents a fundamental step forward in both security and efficiency,” Joe Ventura, CEO and Founder of AlphaPoint, said in a statement. “More and more banks are recognizing the promise of the technology and becoming strategic partners.”
StreamCore is a private permissioned protocol that leverages the benefits of the blockchain — immutability, strong cryptography, instantaneous clearing — and gives firms the ability to interact with blockchain data “simply and dynamically.”
StreamCore acts as a platform for deploying financial applications with possible use cases that include asset exchange, distributed payments, real-time accounting and multi-asset risk management.
StreamCore key benefits include:
- A secure infrastructure in which multiple parties are linked across secure networks;
- Flexible permissioning: Parties can only access information that is explicitly shared with them. Each message is encrypted individually;
- Immutable and auditable records.
According to Ventura, “blockchain-enabled systems are the future of financial services,” as they “dramatically improve market structure.”
Last month, Chain Inc.’s latest US$30 million funding round with participation of major financial institutions and companies including Citi Ventures, Nasdaq Inc. and Visa Inc., was yet another sign that Wall Street is serious about blockchain technology.
Similarly to AlphaPoint, Chain provides the technical tools for large institutions and other digital currency startups to “design, deploy, and operate blockchain networks that can power any type of asset in any market.”
Prior to the funding, Nasdaq OMX Group Inc. had named Chain as its partner for a pilot to test Bitcoin technology in Nasdaq Private Market, a marketplace for pre-IPO trading of shares in private companies.
Another competitor is Hyperledger, a San Francisco-based startup that has developed a distributed ledger platform tailored for financial institutions to help mitigate settlement risk, prevent trade breaks and cut reconciliation costs.
What distinguishes Hyperledger from other decentralized distributed ledgers, is that it has no native cryptocurrency and uses a proven consensus algorithm capable of thousands of transactions per second.
Hyperledger, the winner of this year’s Innotribe Startup Challenge, was acquired in June by Digital Assets Holdings, a technology company that aims at serving financial institutions by utilizing blockchain technology to allow fully automated, real-time asset settlement and processing of transactions.
Led by Blythe Masters, Digital Assets Holdings is currently in talks with some of the biggest banks in the US to raise US$25 million in its first round of funding.