Delchain and Flare partner to facilitate seamless cryptocurrency transactions
By Pavithra R
Delchain, bridging the gap between regulated financial services and blockchain has announced a new partnership with Flare, a specialized blockchain network, with the purpose of facilitating safe, peer-to-peer transactions of cryptocurrencies on the Flare platform.
Delchain is regulated as a Financial and Corporate Services provider and is part of the largest private banking group in the Caribbean. The firm is a leading one-stop shop for blockchain financial services and aims to bridge the gap between regulated financial services and the world of cryptocurrency.
Flare is a new smart contract platform that applies Federated Byzantine Agreement (FBA) consensus to smart contracts. The platform is built on a modified version of Avalanche and incorporates the Ethereum Virtual Machine, which is the same smart contract engine that also runs on the Ethereum blockchain. This males it immediately accessible to the majority of the blockchain development community.
Because Flare doesn’t require a token for staking to garner security, its token Spark ($FLR) is used to enable a trustless, non-custodial and decentralized way to enable any cryptocurrency from any other chain to be used in smart contracts on its platform. This system is launching with XRP (Ripple transaction protocol), Litecoin, XLM (Stellar) and Dogecoin. The company has plans to add additional tokens.
Through the collaboration, Delchain is now officially a custodian of Flare’s native token $FLR and the assets that can be bridged onto Flare (F-Assets).
“We have always remained passionate about improving our services for our clients but partnering with Flare has allowed us to show and tell our priorities and our core values. With Flare, we found that their commitment to safety and innovation allows for consumers to continue to trust the cryptocurrency world a little bit more through facilitating secure and seamless transactions. We understand that advancement in every aspect is important to our clients and that is really what this partnership is about,” said Bruno Macchialli, the CEO of Delchain.
By receiving tokens within the Flare environment, Delchain’s participation adds an extra layer of authority. Together, the firms will advance reputable, licensed, and seamless transactions.
“Flare is excited to work with Delchain as custody provider to the Flare ecosystem. Custody providers play a very important role in making the decentralized world accessible to financial institutions,” said Hugo Philion, the CEO of Flare.
IBSi Daily News Analysis
June 09, 2023
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