Caxton opts for blockchain to offer more secure banking
Microsoft will provide the platform on which Caxton's blockchain tech will operate
Caxton has selected Microsoft Azure to power its blockchain technology to provide more secure, robust banking for customers.
Not only will the service built on Microsoft's cloud platform offer enhanced security for the company, it'll also give users direct access to better banking rates and will cut the cost of service, making it a more attractive option.
Caxton said its blockchain technology will stand out particularly for customers working in the e-commerce arena, because it's well suited to making payments in multiple currencies. It's also useful for developers creating applications in highly regulated sectors because of its multicurrency support.
“This offer will be particularly exciting for our client’s CTOs," Russell Stather, Chief Technology Officer (CTO) at Caxton, said. "This technology strips out the need for an API [application-programming interface], meaning everything is under their control. There’s no need for them to waste time and money, installing and maintaining an API.”
The company first suggested it would be testing out blockchain as an overlay on its existing banking platform less than a month ago. It explained it wanted to try out blockchain because it'll speed up the time it takes for developers to get their fintech apps and services into the market.
“There’s so much talk in the industry about the benefits of blockchain, but so little of it is accessible to businesses today," Rupert Lee-Browne, founder and CEO of Caxton, said of the announcement. "It seems that you’ve either got to trust in cryptocurrencies or wait until a mega-deal is struck between the major banks. Both of which could take decades to come into fruition.
"Therefore we’re incredibly excited to offer our clients the opportunity to plug into our multi-currency banking system directly via a private blockchain.”
Microsoft announced its commitment to blockchain technology at the Blockchain Expo and is trying to be one of the innovation leaders in the space with the introduction of Project Bletchley, which has been designed to provide openness, privacy, security, scale, flexibility and members-only blockchains.
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