Hydrogen Token and TD Bank’s WebBroker Spark New Public Blockchain Licensing Deal
New Public Blockchain Licensing Deal Established Between Hydrogen And TD Bank
Hydrogen provides an ecosystem that is completely decentralized for consumers to have access to multiple financial services, including AI, record keeping, authentication, payments, and ID services. They are based in New York City, and their performance this year earned them the accolade of Fintech Startup of the Year by KPMG, along with the Innovator in Finance aware by FixNet. In their most recent development to continue on this path, they have established a licensing deal with TD bank, which holds the 12th place for market capitalization of any bank in the world.
During the starting phase, the APIs for Hydrogen will be integrated into the WebBroker program by TD. This makes it possible for any TD client to develop a financial plan and to establish an investment portfolio that is customizable to those needs. As more developments are implemented, users will have additional capabilities as retail banking customers.
The vice president of wealth digital innovation at TD Bank Group, Tony Ierullo, commented on the partnership, saying, “While our initial focus is on improving the self-directed investor experience, our ultimate goal is to bring best-in-class digital investing solutions to all TD clients, at every stage of their financial journey.”
With the Web 3.0, users will have access to $HYDRO, which is the token of Hydrogen. It offers two-factor authentication on the blockchain, along with identity management, document signing, machine learning protocols, and payments. There is also a dApp store and additional mobile apps. By creating this whole decentralized ecosystem, they hope to influence other financial institutions for better safety and efficiency.
In the latest updates for the Hydro mobile app, there is a blockchain-secured 2FA, which is already being integrated to other fintech firms, including MinexPay. The update, 2.0, is planned for release in the end of 2018, which will include an algorithm for Snowflake. Snowflake is an identity management component that will add another privacy layer to the existing 2FA layer. It reduces the risk of losing important data to hackers, while reducing fees and onboarding wait times.
Establishing better security in the banking and crypto industry is absolutely essential to the protection of users. There is a push towards better security in the industry, especially considering the scams and identity theft that has been running amuck in the industry. In fact, a recent report for UK Finance reflected the first half of the year, exposing £500 million (approximately $660 million) in theft via fraud on these accounts.
In 2017, the industry saw a total of 16.7 million identity theft cases. However, phishing is one of the big points of focus, considering that it is has increased by threefold since 2013. In 2017 along, there were over 246 million user attempts made, accessing 1.2 million phishing sites. With the 2FA and identity management protocols, the financial institutions have a practical solution to these issues for the future.
The co-founders of Hydrogen have been winning awards for their innovations for years. Along with the awards listed above, they earned Best of Show at Finovate for a former startup called Hedgeable. This app was also the winner of Fintech Startup of the Year at the UK Great Tech Awards. This experience has helped them break into the blockchain space while bringing in partnerships with multiple entities, like Principal Financial Group and CI Investments. They presently control $673.8 billion and $140 billion in assets, respectively.
Hydrogen started a working group recently called FINDI, or the “Financial Industry Decentralization Initiative.” FINDI was created as a rival to R3, which is Corda’s private blockchain group. According to Mike Kane, the founder of Hydrogen, FINDI’s role is to be an alternative to “an aggressive campaign from private blockchain consortiums, that could potentially leave billions around the globe unable to take advantage of the growing benefits of blockchain technology.”
Adding, Kane said, “Private blockchain is an oxymoron and centralized financial security is obsolete, as we have seen with recent hacks of Equifax, BMO, Coinrail, Banco, and Bithumb. Together the members of FINDI can change the financial paradigm by leveraging public blockchains.”
Investors can get involved with FINDI at no cost, where anyone from startups to governments can get involved. This entity is still in its firm year, where they expect to bring in 100 members at least, supporting the efforts towards joint research for public blockchain development.