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Colombian bank Davivenda announced the development of a payment system using crypto derivative technology. The project has a partnership with Koibanx, a company specializing in crypto solutions based on the RSK platform. Besides that, the open-source platform allows creating smart contracts that interact with bitcoin.

The project had a successful POC (Proof of Concept) and the optimism came from both parties after the results. Koibanx co-founder, Leo Elduayen, demonstrated his satisfaction in a tweet highlighting the growing embrace of crypto technology. The project will reduce costs and the time needed to complete transactions, benefiting the more than 3,000 system users.

The first contact between Koibanx and Davivienda occurred during the Fintech LatinoAmérica event, a Think Tank held in 2016. During this event, Davivienda initiated a digital transformation, integrating with its team the innovation director Yesika Padilla Yañez. Being a strong name in the Colombian professional market, Yañez is a former employee of the Ministry of Information Technology and Communications (MinTyC) da Colombia.

The news portal Criptonoticias published a story about the Davivenda bank project on February 17th.

The adhesion of financial institutions to crypto technology

Koibanx develops several projects of solutions using crypto derivative technology in Latin American financial institutions. Among the solutions under development is 88i, a Brazilian platform for contracting insurance using blockchain technology. However, the use of crypto technology for payment solutions seems to have become a global trend.

The Colombian bank’s project seems similar to that being developed by JP Morgan that has caused great repercussion recently. Thus, other similar solutions have emerged, such as the cryptocurrency in development for transactions between nations. The world’s largest financial institutions have already recognized that the future of the financial world will inevitably be crypto.