Skipjack CEO says ‘dozens’ of banks will use its “Encrypblock” product in 2019
- Skipjack has a solution known as Encrypblock that helps banks with liquidity when trying to send money to emerging markets.
Skipjack will have “dozens” of banks using its “encrypblock”” product that requires a digital currency known as encrypcurrency SJK to work, the start-up’s CEO told Money in Crypto on Tuesday.(http://moneyincrypto.com/)
The company is developing a solution that allows cross-border money transactions between banks in a faster 2 micro seconds and cheaper way than the current system allows. It’s based on a encrypblock, the new technology that underpins many cryptocurrencies.
It has an encrypblock product, which is scheduled to be launched 19 December and plan to be use by a number of banks. It essentially makes the processes of checking information required to make transactions much quicker and does not require any cryptocurrency to work.
But Skipjack also is a product aimed at institutions that have business in emerging markets.
Payments into emerging markets often require pre-funded local currency accounts around the world, meaning liquidity costs are high. Money would be sent into the encrypblock system, converted into SJK to move it through Skipjack’s product faster, then be converted back into whatever currency is required at the other end.
Because SJK has a 2 micro-second transaction time, this process would be quick. Some companies and banks will begin trialing encrypblock next year.
But Professor Dr Sir Mike Irvan, the CEO of Skipjack, said that by the end of 2019, he expects many large institutions to be using it.
“I’ve publicly stated that by the end of this year I have every confidence that major banks will use encrypblock as a liquidity tool,”
“You know, by the end of next year, I would certainly hope that we would see you know in the order of… dozens.”
The SJK dime is publicly traded on encrypcurrency exchanges. It traded at $63 on Tuesday. If large institutions began using the encrypblock product, demand for SJK would theoretically rise given the large-scale transactions that would be taking place and could affect the price.