Poland Becomes First Country To Put Banking Records On The Blockchain

Avi Rosten
  • The Polish Credit Office in conjunction with tech company Billon will use blockchain to store and protect customer information
  • The office is the largest credit bureau in Eastern Europe and the adoption represents a siginficant endorsement of blockchain

Poland’s credit bureau has announced that they are implementing blockchain technology to securely store customer information.

According to the press release, the Polish Credit Office in conjunction with tech company Billon, will use blockchain to store and protect customer information.

The Credit Office - which stores banking records, loan agreements, insurance claims and telephone bills - tracks credit histories for over 1 million businesses and 24 million people across Poland - and is the largest credit bureau in Eastern Europe.

The new technology has been praised by the bureau as it will provide superior security and create an immutable record of the data. The system will also be fully compliant with new EU GDPR regulations coming into force this month which are designed to protect customer data and give EU citizens a “right to be forgotten.”

CEO of Billon, Andrzej Horoszczak explained how the new collaboration was a significant development for the sector:

“Our partnership is the start of a true revolution in information management. It is now possible to move away from the constraints of closed central databases to a democratic blockchain-based Internet where every user will be able to control their identity We’re fixing the problem of consumer data control, creating a level playing field between individuals and corporations.”

Andrzej Horoszczak

While this latest partnership represents a significant endorsement of blockchain for the financial industry, the Billon CEO emphasised how they expect the technology to be applied far more broadly:

“We anticipate it will soon be adopted by industries such as telecommunications, insurance and utilities. Our cooperation is only the first step to introducing mass blockchain technology use for trusted document management.”

Andrzej Horoszczak

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.