Jibrel Begins Integration Testing with Select Licensed Financial Institutions.
With jCash, Users Can Conduct Real-world Transactions using Smart Contracts, and Avoid the Volatility of the Cryptocurrency Market.
Zug, Switzerland - January 17, 2018 - Jibrel Network has launched jCash, its first release of tokenized financial assets, providing fiat currencies in the form of ERC-20 tokens. jCash provides a more legitimate, auditable, one-to-one backed crypto-fiat alternative to the crypto-economy. The first roll-out of currencies in jCash will include USD and KRW. By tokenizing traditional financial assets, Jibrel Network aims to combine the efficiency of blockchain technology with existing financial regulations and real-world rules.
The announcement was made at the “Blockchain Revolution: Integrating Blockchain With The Traditional Economy” conference in Seoul, where the Jibrel Network team discussed the need to apply blockchain technology to the traditional economy in order to solve current financial problems. Along with a keynote speech from Don Tapscott, the conference featured talks from leaders in the industry such as Binance CEO Changpeng Zhao and NEO CEO Da Hongfei.
Jibrel Network is the first decentralized protocol for storing and transacting traditional financial assets on the ethereum blockchain, aiming to automate and decentralize consumer banking. jCash can be used to help solve problems of fragmentation and accessibility, creating a more a sustainable ecosystem and a transparent infrastructure.
Using jCash, real-world transactions can benefit from smart contracts and distributed ledger technology, while switching from a cryptocurrency to jCash can help avoid market volatility.
“Smart contracts can revolutionize how we do business and how we exchange value,” said Jibrel Network co-founder Talal Tabbaa. “However, cryptocurrency as a mode of payments has not yet been able to converge with real-world regulations, demonstrating the need for a stable method of payment on-chain, such as jCash. The crypto-economy has experienced tremendous growth with little regulation; safeguards need to be put in place to protect against volatility in the crypto and traditional economies, while bridging the gap for everyday people.”
jCash is a CryDR (CryptoDepository Receipt), an asset-backed token representing real world financial assets. CryDRs have smart regulation built-in through code, meaning that real-world rules and regulations are translated into Solidity code and deployed immutably on the ethereum blockchain. With jCash on-chain, users will be able to deploy trusted, compliant ethereum smart contracts for real-world situations that have payouts in crypto-fiat currency.
“We are thrilled to officially announce the launch of jCash, and that we have already begun offering it to a select group of regulated financial institutions,” added Tabbaa. “Automating the enforcement of our existing financial regulations, with public blockchains, on-chain Know Your Customer (KYC) compliance and smart regulation can improve the system, not circumvent it.”
About Jibrel Network Jibrel Network offers decentralized, asset-backed tokens representing real-world traditional financial assets (such as equities and commodities), known as CryptoDepository Receipts (CryDRs). These smart tokens have regulation embedded, ensuring that real-world rules and regulations are always followed. By translating real-world regulation into code and deploying it on-chain, Jibrel Network creates smart regulation and “governance without governments.
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How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.