Blockchain ledger-based payments platform RYVYL has partnered with distributed ledger technology firm R3.
The collaboration, announced Thursday (Dec. 14), comes in the form of “RYVYL Block,” described by the companies as a “Blockchain-as-a-Service” platform.
The platform, the companies said in a news release, is “designed to be an innovative and cost-effective solution, simplifying the adoption of blockchain technology for businesses in banking, payments, and high-volume processing environments.”
According to the release, RYVYL Block aims to streamline blockchain integration, giving business customers access to the tools and building blocks needed to develop a secure distributed ledger infrastructure — “featuring rich business APIs and rapid implementation.”
The project will use RYVYL’s background in digital solutions and R3’s blockchain technology to ensure “smooth integration into existing business frameworks,” the companies said.
“The goal is to simplify and expedite the adoption process of blockchain for businesses of all sizes, delivering a user-friendly experience. RYVYL and R3 are committed to delivering a cost-effective Blockchain-as-a-Service solution, eliminating significant upfront investments and reducing complexities typically associated with blockchain adoption,” the release said.
The partnership comes as banking giant Goldman Sachs said it is expecting to see a significant increase in trading volumes of blockchain-based assets in the coming years.
Mathew McDermott, the investment bank’s global head of digital assets, told Reuters this week that although bitcoin has experienced a 50% surge this quarter, he is focused beyond cryptocurrency and plans to develop things like blockchain-based tokens that represent traditional assets like bonds.
McDermott said there is a “huge appetite” for digital assets, which has grown substantially over the past year.
As that report noted, banks have been interested for years in the potential of using blockchain technology to trade assets beyond just cryptocurrencies, although implementing this on a large scale would mean a major overhaul of the technology supporting financial markets.
McDermott argues that leveraging blockchain could offer operational and settlement efficiencies, while reducing risks in financial markets. The technology could also allow for faster and more precise transfer of collateral and liquidity between parties.
PYMNTS explored the value of blockchain earlier this year in a conversation with a group of payments industry experts, including Pat Thelen, vice president of global account management at Ripple.
“We see the tokenization of real-world assets as about as exciting as anything out there,” Thelen told PYMNTS.
“If you apply the technology to industries that have been around forever and are fraught with manual processes and illiquidity and latency, there are some real opportunities where so much cost can be taken out of the equation,” he added. “You can get pretty clever as these use cases unfold.”
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