The fintech industry has seen an incredible expansion in the last three years. The development of new blockchain and Internet of Things (IoT) technologies has helped to shed enormous light on how financial technology can be applied to more than just the financial industry. Companies all over the world are starting new projects which seek to innovate and reform a variety of sectors from the public to the private, and everything in between.
But this does not mean that the financial technology is not being used to change the face of economies all over the world. Hydrogen is the newest example of blockchain technology being used by a blockchain-based startup company to reform the financial industry using decentralization. The company won the award for “Fintech of the Year” in a competition in Luxembourg earlier this year. Now, the company is announcing an incredible run at new partnerships, with 30 partnerships planned in the month of August alone.
The centerpiece of the Hydrogen project is FINDI, which is the Financial Industry Decentralization Initiative. This organization serves as a coalition group set to facilitate the implementation of decentralization strategies within the global financial services sector. Far from a set of thirty empty promises, the consortium has already announced the names of several major partners in their trek to create a new financial technologies protocol.
Portugal Fintech Membership
The first partnership announced by Hydrogen is not a partnership at all, but rather a membership. Portugal Fintech is a non-profit association based in Portugal. The association serves as a center for financial technology development. Regarding their interest in becoming a member of the organization, Hydrogen’s public relations team outlined their interest in Portugal as the most “up and coming” center for fintech development in much of the world.
Blockmatics is a financial technology company that seeks to use the Hydro protocol to create a series of decentralized applications, including identity verification and document management applications. In total, the company has stated its intention to create over 100 unique decentralized applications on the Hydro developmental protocol.
According to Hydrogen, the first course on decentralized applications in the new service will likely be completed in August.
As with many platforms reliant on a blockchain, Hydrogen will eventually need to be able to scale its platform effectively. In order to do this, the company is planning to partner with QuikNode, a startup with expertise in the scalability of networks on the blockchain.
Speaking on the new partnership, Hydrogen was quick to espouse their interest in establishing a long-term relationship, saying that the company would help them in expanding service to “tens of millions” of unique users and thousands of applications.
Synpulse is one of the more interesting partnerships on the list by Hydrogen. The company specializes in the insurance business. With Hydrogen, the large insurance provider will be used to provide Hydrogen with a variety of services, including consultancy and compliancy assistance to its clientele.
Hydrogen was slightly cryptic with their commentary on the new partnership, stating that the coalition with Synpulse will help the organization to give their clients the opportunity to “make strategic decisions” regarding their financial assets.
DriveWealth helps to give Hydrogen to important compliance and regulatory processes. DriveWealth offers international clientele the opportunity to access United States financial markets, which are notorious for stringent and difficult regulations on the financial sector.
Hydrogen spoke out on this partnership, saying that the DriveWealth compliance assistance will help to enhance the regulatory efforts of clients working out of the United States.
Hydrogen And The Future
Hydrogen is a financial technology platform bent on making decentralization the way of the future of fintech. The company’s new platform offers several important capabilities, including a fresh API platform enabling the quick creation of new fintech products and applications, a blockchain capable of maximum scaling and public transactions, and a unique AI machine mechanism known as the Hydrogen Ion.
Moving forward, a variety of new partnerships this year will help to drive the technological, legal, and financial progression of the Hydrogen company. The organization’s work with partners all over the world will make it more possible than ever before for financial technology to make use of the blockchain.