MELD Bringing Fiat Payments On-chain With a New zk Privacy Network
SINGAPORE, Sept. 25, 2024 (GLOBE NEWSWIRE) — MELD, a new Neobank coming to the market with a new type of banking services platform that merges crypto services and fiat services into a single platform for both users and businesses alike, giving them the ability to have a traditional deposit account and a crypto wallet. MELD account holders can exchange between crypto/fiat and transfer funds between MELD accounts for free while earning interest on stablecoins. Bringing the best of both worlds together in one account.
This new network is the latest component of MELD neobanking solution, built directly on the blockchain and employs the benefits of being transparent and verifiable. Blockchains like Bitcoin and Ethereum have been doing this for more than ten years. MELD’s innovation is bringing these qualities to the traditional financial space and applying it to banking transactions.
In its zkBanking network, MELD has built a high performance banking system in line with traditional solutions used by banks today. With each transaction the details of the transaction are confirmed and then processed into a blockchain transaction with a confirmation code. This confirmation is then turned into a proof and published on the MELD public blockchain.
When a MELD Neobank user wants to prove to a third party they have paid for something or do not have the funds in their bank account, they can share the proof which has been verified. This applies to both private and business accounts in the MELD Neobank.
This new type of verification becomes particularly useful when businesses are doing cross border trade and need to prove they have the funds to pay for a trade deal. Also businesses can build technology on top of zkProofs to verify a transaction without receiving sensitive private data from a user.
The network will go live on January 1, 2025. zkBanking nodes will be initially run by five parties with plans to expand that to more than ten in the coming months. MELD’s ambition is to make the traditional neobank network as decentralized as the MELD blockchain while meeting the regulatory requirements of running a global neobank.
MELD neobank offering will be launching in October, giving retail and businesses in 160 countries crypto-friendly banking. MELD is different because they are crypto native, coming from the world of decentralized finance (DeFi) and integrating classic banking products with a twist.
MELD is doing a presale of their zkBanking nodes to boost the decentralized nature of the network and give users access to the networks block rewards while they secure the network at the same time. For more details about the node sale go to: https://docs.meld.com/meld-blockchain/zkbanking-network
About MELD
MELD is a crypto-native global neobank powered by the blockchain. Bringing fiat currencies like (30+ including USD and EUR) and crypto currencies (1000+ BTC and ETH) together in one seamless wallet supporting more than 150 countries. MELD makes it easy to navigate between these two worlds and get the best out of both. From generating a yield on your crypto to debit cards and business accounts, MELD brings fundamental banking services to everyone.
The MELD blockchain powers more than just the MELD Neobank, with a non-custodial lending and borrowing protocol and more than 30 businesses building on MELD. Users interact with all of this through the MELD web and Mobile app helping people and businesses take full advantage of both their crypto and fiat assets.
You can follow the project and stay up to date with its development at these links: Website | X (Twitter) | Telegram |
Contact:
Ken Olling
press@meld.com
Disclaimer: This content is provided by MELD. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
