Why We Chose to Build an Enterprise Product on Bitcoin SV
A conversation with our CEO, Kate Hiscox, on the decision to partner with Bitcoin SV to launch DRIVE Pay.
In April, you launched DRIVE Markets, an institutional cryptocurrency exchange, designed to attract FX traders to the crypto markets. Tell us about the company and your vision for DRIVE.
DRIVE is a financial services company with the goal of overhauling some of the most arcane areas of the financial industry. DRIVE Pay targets cross border clearing and settlement and DRIVE Banking will be our business banking game-changer.
DRIVE Markets is our first product to launch — a crypto and fiat currency exchange on which the key infrastructure and services for DRIVE Pay and DRIVE Banking will sit. With Markets, we saw an opportunity to bring FX traders to the crypto markets by providing the tools and high-frequency trading capabilities they’re familiar with. FX trades $5trillion daily and we’re set on bringing some of that volume to crypto.
Many companies stop at launching an exchange. Why did you choose a multi-product approach?
As a business, DRIVE Markets has huge potential but we felt there were further opportunities to leverage our FX and CX capabilities across other products. In turn, this increases revenue for our exchange and the value of DRIVE Coin (DRV) which includes profit driven buyback.
DRIVE recently announced backing from Calvin Ayre, one of the largest supporters of Bitcoin SV. How did that investment come to be?
We were looking for a strategic investor and partner for DRIVE Pay. DRIVE Pay is a multi-protocol, clearing and settlement network that’s designed to eliminate some of the adoption and performance bottlenecks we see with existing networks such as Ripplenet.
We looked at existing blockchain networks in terms of capability and token characteristics and the Bitcoin SV teams (including nChain) impressed us with their roadmap for massive scaling of the BSV blockchain, enterprise-first approach, and regulation-friendly mindset.
They also understand that in order for big business to adopt a solution, you have to meet certain expectations and service level agreements. The Bitcoin SV blockchain will be used by DRIVE Pay for our ledger specific requirements and BSV will be used as a bridge currency, similar to XRP.
Does the recent delisting of BSV from some exchanges impact your plans?
In regards to DRIVE Pay, it has no impact at all and it is fair to assume that BSV will only benefit from less liquidity segregation.
From an industry perspective, we feel that exchanges should maintain a neutral position regarding the day to day activities of their issuers unless the conditions of a listing agreement, assuming one is in force, are breached.
You’re presenting at the CoinGeek conference in Toronto on May 30?
Yes, we’ll be digging into DRIVE Pay and why we chose the Bitcoin SV blockchain. Quite a few of our team will be on the ground in Toronto so wherever you see a DRIVE Pay t-shirt, come and say hello!