Sila Announces New Open Beta Program to Bridge Blockchain With Banks with All-Inclusive API
Sila, the API platform that offers services for the FinTech industry, announced that it is launching a new open Beta program. The firm is currently delivering APIs to improve financial innovation. The information was released in a recent press release by the company.
Sila Announces Open Beta Program
The CEO of Sila, Shamir Karkal, also the co-founder of Simple, explained that the current payment systems such as SWIFT or Visa are accessible to just large incumbents. Meanwhile, transmission licensing process is a 12-24 month process.
About blockchain technology, he said that it has provided a revolutionary method in order to transfer value. However, the industry still needs to be connected to the banking system if it wants to move ahead. Sila is working on an API that provides a layer for existing payment systems making them programmable. Sila tokens become programmable cash in this environment.
With this solution, institutions and companies do not have to think about regulations, compliance and development costs. It is now possible to bridge the blockchain and traditional financial industries in just a few weeks.
The company is currently offering Ethereum smart contract functionality. It also allows individuals to transfer value via ERC-20 tokens, which ensures low-cost, rapid and secure movement of value within an application. It is also possible for developers to gain access to payment systems, optimizing value transfers to suit their customers.
It is worth mentioning that Sila tokens are pegged to the US dollar. The firm backs the digital assets with 100% reserves that are held in liquid US treasuries. This reduces the volatility that traditional virtual currencies have. Moreover, it is possible to ensure swift money transfers between parties in a very easy way.
At the moment, there are five different modules that are provided in the Beta SIla’s API. These modules are:
- Verify ID: Users register a new account and verify their identities with the standards requested by US financial institution and KYC processes.
- Link Bank Account: Users’ bank accounts can be verified and linked.
- Issue: It is possible to debit dollars from a specific account that is linked to the user’s bank.
- Redeem: The network burns a specified amount of Sila tokens and the user receives the corresponding amount of US dollars on its bank account.
- Transfer: Users can move Sila tokens from one blockchain address to another without limits.
The Founder of Friendowment and Sila Alpha customer, Justin Thomas, commented about this service:
“Sila’s ability to integrate with smart contracts in an intimate way was a game changer for me, as it allowed me to combine the flexibility and speed of the blockchain with the traditional payment and banking systems that users are most comfortable with.”
Sila’s team includes other professionals in both the blockchain and fintech industries. This includes Alexander Lipton, MIT Labs co-founder and also a former BoA/Merrill Lynch executive, and Angela Angelovska-Wilson, the founder of the recognized blockchain company DLx Law.