RYVYL Partners with R3 to Launch Blockchain-as-a-Service Platform
The collaboration aims to simplify blockchain adoption for businesses in banking, payments, and high-volume processing environments.
RYVYL, a blockchain ledger-based payments platform, has joined forces with distributed ledger technology firm R3 to introduce “RYVYL Block,” a Blockchain-as-a-Service platform. The partnership aims to provide businesses in banking, payments, and high-volume processing environments with an innovative and cost-effective solution for adopting blockchain technology. By leveraging RYVYL’s digital solutions expertise and R3’s blockchain technology, the collaboration aims to streamline blockchain integration and offer a user-friendly experience for businesses of all sizes.
Streamlining Blockchain Integration with RYVYL Block
RYVYL Block, the newly launched platform, is designed to simplify the adoption of blockchain technology for businesses. It offers business customers access to the necessary tools and building blocks to develop a secure distributed ledger infrastructure. The platform features rich business APIs and enables rapid implementation, ensuring a smooth integration into existing business frameworks. RYVYL and R3 are committed to delivering a cost-effective Blockchain-as-a-Service solution, eliminating significant upfront investments and reducing complexities associated with blockchain adoption.
Goldman Sachs Predicts Surge in Blockchain-based Asset Trading
The partnership between RYVYL and R3 comes at a time when Goldman Sachs, a banking giant, anticipates 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, stated that while bitcoin has experienced a 50% surge this quarter, the focus extends beyond cryptocurrencies. Goldman Sachs plans to develop blockchain-based tokens representing traditional assets like bonds. McDermott highlighted a growing appetite for digital assets, which has seen substantial growth over the past year.
The Potential of Blockchain Technology in Financial Markets
Banks have been exploring the potential of blockchain technology to trade assets beyond cryptocurrencies for several years. Implementing this on a large scale would require 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. Additionally, the technology could facilitate faster and more precise transfer of collateral and liquidity between parties.
The Value of Blockchain in Tokenizing Real-World Assets
PYMNTS, a leading payments industry publication, explored the value of blockchain earlier this year in a conversation with industry experts. Pat Thelen, Vice President of Global Account Management at Ripple, highlighted the tokenization of real-world assets as an exciting opportunity. By applying blockchain technology to industries burdened by manual processes, illiquidity, and latency, significant cost reductions are possible. Thelen emphasized the potential for clever use cases to unfold as blockchain adoption progresses.
Conclusion:
The partnership between RYVYL and R3 to launch the RYVYL Block platform marks a significant step in simplifying blockchain adoption for businesses in banking, payments, and high-volume processing environments. With a focus on user-friendly experiences and cost-effective solutions, the collaboration aims to eliminate complexities and upfront investments associated with blockchain integration. As financial institutions like Goldman Sachs anticipate increased trading volumes of blockchain-based assets, the potential of blockchain technology in financial markets becomes more apparent. The ability to tokenize real-world assets offers exciting opportunities for industries burdened by manual processes and illiquidity. As blockchain adoption continues to unfold, the value and potential of this transformative technology become increasingly evident.