Kaleido is pleased to announce the addition of ioCash to Kaleido’s third-party marketplace of enterprise blockchain capabilities. ioCash is the world´s first B2B platform that makes it possible to operate with fiat money directly on blockchain. Leveraging the power of Smart Contracts and an enhanced Ethereum ERC-20 standard, the ioCash platform enables programmable money and complex payment.
Enabling legal e-money on blockchain opens a myriad of possibilities, both for blockchain companies and products that need to use fiat money on their solutions, and for traditional enterprises that are looking to tap into the potential of distributed ledger technology. Use cases abound in areas such as international trade, E-commerce, legal disputes, tradable financial assets, crowdfunding, and more.
When using ioCash on Kaleido, the blockchain and smart contracts are hosted on Kaleido in the user’s cloud deployment of choice, and ioCash is a separate hosted solution with APIs for e-money.
ioCash provides full interoperability between blockchain and traditional, regulated monetary systems, bringing all the benefits of the revolutionary technology that is blockchain to fiat money.
With ioCash you can create electronic money accounts with IBAN and connect them to ethereum addresses in the network where ioCash is deployed. The account can receive and send payments of electronic money through the banking system or blockchain.
ioCash is a fintech platform working under an Electronic Money European license, and will soon expand to include a US license, meaning that money in ioCash is fully regulated and legally compliant, just like funds in a traditional, regulated bank account.
ioCash provides different payment functionalities, from opening e-money accounts to managing payments, in a single and easy-to-integrate solution. Both RESTful APIs and smart contract interfaces are available to use ioCash functionalities.
Integrate in your application easily thanks to a developer friendly API, complete online documentation, and outstanding tech support. Once you are set-up, your Smart Contracts can interact with the accounts and money directly on blockchain.
Apart from being available as a FaaS with its own Electronic Money license, ioCash is also available as a pure tech stack for financial institutions that already own a banking or electronic money license (and even central banks), enabling them to tokenize their own accounts and expand their capabilities through the use of blockchain technology.
ioCash provides account and payment features needed by any fintech platform or blockchain application through a single integration, including:
“With ioCash, you can build applications in which your users create accounts that operate seamlessly between the traditional banking system and blockchain, using fiat money for all kinds of blockchain transactions.” said Fernando Paris, CTO of ioCash.
“Once ioCash is deployed on an ethereum-based network running on Kaleido, it enables your users to create electronic money accounts that connect to their ethereum accounts, so they can operate their money directly on blockchain” explains Sophia Lopez, Co-founder & COO at Kaleido. “ioCash supports smart contract interaction, so you can configure your business logic and connect to the ioCash smart contracts to perform transactions with real money.”
With ioCash you can create electronic money accounts with IBAN and connect them to ethereum accounts in the network where ioCash is deployed. From that point on, the account can receive and send payments of electronic money through the banking system or blockchain, so your application can interact with the money in the accounts in a centralized manner through the API, or in a decentralized way by signing transactions with the private key or through interactions with Smart Contracts.
When you operate with ioCash money, it has the same legal implications and regulatory supervision as operating with electronic money (such as Revolut or N26).
For financial institutions already operating a license, ioCash is also offered as a software package solution that provides financial institutions with the technology to tokenize and manage accounts and payments on blockchain in a regulation compliant way.