A US digital-bank catering to a customer base via its digital-first approach with a focus on personal banking products and services, making it a great choice for a trusted online bank.
The client wanted to enable and facilitate cryptocurrency trade services to buy, sell, transfer, and swap crypto assets in real-time. Additionally, they wanted to allow institutional customers to use the ERC20 Tokens (Stablecoins) as exchange and settlement value for Institutional crypto trading.
As part of the solution, they needed a platform to orchestrate business flows by integrating with various internal enterprise systems as well as cryptocurrency custodians and distributed ledger systems.
The platform was required to handle business rules such that users can independently initiate purchase of stable coins from their banking portal by transferring fiat currency, use the purchased stable coins to trade with different crypto currencies and redeem the stable coins for fiat currency.
Persistent developed an audited ERC-20 token standard based Smart Contract deployed on public Ethereum blockchain to mint, transfer, and burn stablecoins using temperature wallets and integration with the crypto custodian.
Besides, several standalone services were curated to interact with cryptocurrency custodians, synchronizing ledger balances, automated processing of fiat deposit/withdrawal requests and other services to interact with internal as well as external enterprise systems.
A minimalist user interface was developed for bank users to view, manage, and monitor stablecoin transactions and customer wallet balances.
- Smart Contract deployed to Ethereum mainchain and integrated with custodian and ledger services.
- With Ethereum MainNet, Fireblocks, Alt5, Core Banking System, and existing customer application.
- Improved operational efficiency and liquidity risk management while lowering Total Cost of Ownership.
- Fiat backed stablecoin system helped to reduce the reconciliation efforts.
- ERC20 Stablecoins safeguards the volatility and high risks of the cryptocurrency market.
- Support for multiple Ethereum backed exchanges to improve user base and adoption.