Exploring the dynamic intersections between blockchain technology and the finance sector, we’ve gathered insights from CEOs and attorneys on pivotal collaborations. From the regulatory-compliant KYC/KYB blockchain solutions of FinClusive, chegd, and Verida to Visa and Anchorage’s innovative crypto settlement system, here are five significant partnerships that have made waves in the industry.
- FinClusive, chegd, and Verida Notable Partnership
- Ripple and MoneyGram’s Payment Revolution
- Ripple and Santander Enhance Global Transfers
- Polygon and Fidelity’s Investment Integration
- Visa and Anchorage’s Crypto Settlement System
FinClusive, chegd, and Verida Notable Partnership
The collaboration between FinClusive, cheqd, and Verida is a notable partnership between the blockchain and finance sectors, particularly as it relates to client onboarding and regulatory compliance. By introducing the first regulatory-compliant, transportable KYC/KYB credential solution, they have addressed critical needs in the industry—streamlining client onboarding processes, reducing costs significantly, and enhancing operational efficiency for both traditional and decentralized financial services globally.
The integration of Verida’s technology with cheqd’s infrastructure provides a robust platform for credential issuance, verification, and monitoring, ensuring adherence to existing and emerging regulatory requirements while maintaining client privacy and data security.
The impact of this partnership extends beyond mere cost savings and operational efficiency. It has set a standard for interoperability, ensuring compatibility with other organizations issuing or accepting digital credentials without vendor lock-in. Moreover, the solution enhances privacy measures for customers by allowing them to hold their credentials in a self-custodied wallet and control the sharing of their data explicitly.
Chris Were
CEO, Verida
Ripple and MoneyGram’s Payment Revolution
One notable partnership was formed between Ripple and MoneyGram back in 2019. Ripple makes blockchain payment processing software used by banks. MoneyGram is a giant money-transfer company helping people send funds globally to families and friends.
The partnership aimed to use Ripple’s fast digital financial infrastructure to power international payments for MoneyGram customers. This allowed MoneyGram to move money orders much faster and more cheaply compared to traditional money-wiring means.
The collaboration was significant because it showed mainstream financial services companies embracing blockchain technology to improve services for average customers needing to send money overseas. Partnerships between big traditional finance companies and leading-edge crypto startups can merge the best of both worlds.
By MoneyGram tapping Ripple’s blockchain payments platform, the time, cost, and transparency barriers of global money transfers are reduced greatly. It brought innovation to outdated processes that real people rely on, showing the promise of smart pairings across incumbents and blockchain innovators to modernize finance for everyone’s benefit through collaboration.
Lyle Solomon
Principal Attorney, Oak View Law Group
Ripple and Santander Enhance Global Transfers
A notable collaboration in the realm of blockchain projects and finance companies is the partnership forged between Ripple and Santander Bank. This partnership has had a major impact on the industry, especially in regards to international money transfers.
Santander Bank, one of the largest banks in Europe, announced in 2018 that they would be using Ripple’s blockchain technology for their One Pay FX service. This service allows customers to conduct cross-border payments in a matter of seconds, compared to the traditional 3-5 days it would take using traditional methods.
This partnership has greatly improved the efficiency and speed of international money transfers. With Ripple’s technology, Santander Bank is able to offer its customers a faster and more cost-effective option for sending money abroad. This not only benefits individuals and businesses who need to make international payments, but it also has a positive impact on the global economy. Furthermore, this partnership has helped to bridge the gap between traditional finance and blockchain technology.
By working together, Ripple and Santander have shown that these two industries can collaborate and bring about positive changes in the financial sector. This partnership serves as a great example of how blockchain technology can be utilized in the traditional finance world. Moreover, this partnership has also brought more attention to blockchain technology and its potential uses in the financial industry.
With a major bank like Santander embracing and utilizing Ripple’s technology, it has helped to bring legitimacy and credibility to the blockchain space. This has opened up opportunities for other blockchain projects to foster partnerships with traditional finance companies.
Jennifer Spinelli
Founder & CEO, Watson Buys
Polygon and Fidelity’s Investment Integration
A very impactful recent alliance has been between the Polygon blockchain network and the global investment giant Fidelity. This integration allows Fidelity’s institutional clients to connect their existing accounts to directly access and trade cryptocurrencies on Polygon’s infrastructure. Onboarding colossal pools of managed money from Fidelity marks a key milestone in the maturity and validation of blockchain technology’s investment use cases.
By interfacing with Polygon’s tools and the DeFi ecosystem, Fidelity’s clients can now tap into yield farming, liquidity pools, and other dynamic applications arising in this space—capabilities well beyond just crypto trading. For Polygon, having an anchor partner like Fidelity, with trillions in assets, is a huge leap forward for decentralization going mainstream. The result is greater accessibility and flexibility for investors to participate in crypto and DeFi while meeting their fiduciary requirements.
Overall, this fusion of traditional and decentralized finance magnifies credibility, market reach, functionality, and momentum for both sides. Just as Visa linking up with crypto lenders or PayPal allowing buy/sell features did, these collaborations between establishment and emerging players will accelerate evolution and adoption curves tremendously.
Loretta Kilday
Debtcc Spokesperson, Debt Consolidation Care
Visa and Anchorage’s Crypto Settlement System
Visa’s partnership with the blockchain platform Anchorage enables secure settlement of crypto transactions over Ethereum. This integration of a major payment network with blockchain infrastructure signifies the financial industry’s growing embrace of cryptocurrencies and their underlying technologies.
Bradley Fry
Owner, PinProsPlus