Next-gen distributed blockchain technology is robust, has solid real-world applications
SINGAPORE, Jan. 29, 2015 /PRNewswire/ — Tembusu Systems’ TRUST platform raised S$1.2 million in bridge funding to kick off the new year, including a million-dollar vote of confidence from a Singapore listed company. The most recent capital injection values the company at S$11 million.
The TRUST platform makes the technology behind cryptocurrency available for use by organisations and individuals and opens up new use cases for cryptocurrency technology because of its new, innovative features, which investors and other businesses are keen to implement.
"TRUST solves the key challenges of first-generation distributed blockchain technology that held it back from getting wide adoption. Our platform introduces proof-of-identity for accounts, which makes for better integration with existing systems and governments. We’re also including prepaid wallets and a reputation system to improve the user experience." Said Andras Kristof, Co-founder and CEO of Tembusu Systems.
These innovations take into account the lessons learnt from Bitcoin, the world’s most prominent cryptocurrency, which has had a difficult time gaining traction in many countries because of how its complete anonymity can be misused for criminal activities. Users also face the risk of irrecoverable losses if accounts are hacked or if data on their computers is destroyed. TRUST has a built-in system that enables account recovery.
While not a cryptocurrency in itself, TRUST’s technology can also allow banks, governments and corporations to launch their own asset-backed cryptocurrencies. Asset-backed cryptocurrencies will likely be much more stable than Bitcoin, which has seen wild price fluctuations and is worth just 25 per cent of what it was worth 12 months ago.
Immediate applications for Tembusu Systems’ distributed blockchain technology include payment processing systems, low-cost remittance services, cross-border loyalty points systems, and even banking and trade facilities for the region’s estimated 300 million unbanked.
Tembusu Systems established themselves as a pioneer in the cryptocurrency scene when they launched Asia’s first Bitcoin ATM in Singapore, the Tembusu Prime Bitcoin ATM, in February 2014. The company was then known as Tembusu Terminals.
A key advisor for the development of the TRUST platform is Yanis Varoufakis, the newly-appointed Greek Finance Minister and professor at the University of Athens, who has been working with the team since November 2014. He was a key consultant in building Valve Corporation’s online economy. Other advisors include Professor David Lee, Professor of Quantitative Finance (Practice) at SMU, Director of Sim Kee Boon Institute for Financial Economics, and Academic Director for the Global Master of Finance Dual Degree.
This relatively large investment in cryptocurrency technology is the first by a listed company in the region and comes at a crucial time as governments and companies begin to seriously consider various levels of cryptocurrency adoption. The Monetary Authority of Singapore showed a progressive approach by allowing cryptocurrencies to be used with some regulation, fuelling innovation and growth in the sector here. A number of other countries have banned Bitcoin outright, because of price stability and anonymity issues, something the TRUST platform addresses effectively.
"We see massive potential in how the TRUST platform can be used by corporations and financial institutions. We are looking at what may well be a paradigm shift in accounting, commerce and banking, and are encouraged because this round of funding shows the strength and relevance of the technology," said Prof. Varoufakis before his electoral campaign.
About Tembusu Systems
Tembusu Systems Pte Ltd was founded in October 2013 and developed the TRUST system, which is based on next-generation distributed blockchain technology. The company made headlines when they unveiled Asia’s first Bitcoin ATM in Singapore, the Tembusu Prime Bitcoin ATM, in February 2014 under the name Tembusu Terminals Pte Ltd. www.tembusu.sg
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