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GK8 gives institutions fiat-level control over digital assets
As market embraces self custody, GK8’s updated policy engine gives institutions fiat-level control over digital assets
The updated GK8 policy engine combines best-in-class policy management technology with workflow automation enabling large financial institutions to customize their crypto workflows and meet the rapidly growing demand for self custody.
GK8, the leading institutional-grade digital asset custody platform with DeFi, staking, NFT, trading, and tokenization support, unveils an updated policy engine that empowers organizations to further adapt and customize the GK8 platform workflows to their own business logic. The updated policy engine allows institutions to tailor approval policies for every institutional workflow and procedure, and configure a list of rules that affect how transactions are handled and approved. In fact, the policy engine allows institutions to control their digital assets as they would their fiat. The GK8 policy engine provides crucial granularity for large, global institutions.
Implementing new systems and adapting their functionality to internal policies and business logic is not a simple process for large financial institutions. It often requires significant time and resources and can be restricted by system functionalities. In addition, most custody solution policy engines lack the flexibility and granularity needed – making it particularly difficult to ensure that these align with the organizations’ business logic, are transparent and consistent, and meet regulatory or compliance requirements. Moreover, given the changing regulatory landscape, it is ever more important for institutions to be able to make changes and adaptations to their workflows.
The updated policy engine for GK8’s digital asset custody platform enables financial institutions to set their rules and policies on their own, at any level they wish while retaining complete control of their private keys. The policy engine is safely stored offline, and any change to a policy requires a series of predetermined quorum approvals, providing yet another layer of security. By customizing the policy engine to match business logic, institutions can ensure that workflows are able to support and enhance the organization’s decision-making processes, and help achieve its business goals.
GK8’s regulation-ready solution includes both an unhackable Cold Vault as well as a patented MPC vault. The company’s unique Cold Vault, which features an insurance policy of up to $1 billion, is the only solution on the market that can create, sign, and send blockchain transactions without receiving input from the internet, which grants institutions an unparalleled level of cyber security, leaving no openings for hackers to exploit.
The Cold Vault is paired with a patented high-performance MPC wallet used for high-frequency automatic transactions. GK8 also supports the secure tokenization of traditional assets, features general support of all Ethereum Virtual Machine-compatible layer-1 blockchains, and grants users instant access to all layer-2 smart contracts on supported chains.
“The importance of a policy engine for custody solutions can’t be overstated because a strong policy engine allows you to tailor approval policies and configure a list of rules affecting how transactions are handled,” says Lior Lamesh, CEO and Co-Founder of GK8. “As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control ”
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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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