Regtech Tintra develops Web 3.0 banking platform

Monday 21 March 2022 11:06 CET | News

UK-based regtech Tintra has announced the development of a built-for-purpose Web 3.0 banking platform.

While incumbent and legacy banks are currently opening lounges and branches in the metaverse via third-party platforms, Tintra intends to create the first bank capable of functioning operationally within the digital realm of the metaverse.

Tintra's approach will introduce a financial and regulatory infrastructure built upon Web 3.0 technologies and concepts, including metaverse and blockchain interoperability, transparency by utilising dataless cryptographic mechanisms, and blockchain-based verification. The platform is being developed on a ‘clean-sheet’ basis, as opposed to bolting Web 3.0 technologies and concepts onto legacy platforms. Tintra's infrastructure will be fully compliant with current regulation and apply artificial intelligence to improve the KYC/AML framework and will include in-built latency elements.

Tintra's infrastructure aims to enable financial and regulatory communication layers between currently siloed metaverse projects. Alongside providing transport and verification mechanisms for inter-chain, cross-chain, and off-chain financial and regulatory activities, Tintra's technology will enable internal data risk-reduction, through verifiable ‘always-on’ KYC. 

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Keywords: regtech, Web 3.0, banks, metaverse, challenger bank
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

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