The launch of Canada’s first research and development lab for blockchain technology has been announced by Quadriga Fintech Solutions Corp. Initially, the lab will be working on developing a platform with the ability to handle the onboarding and client data management for financial crime systems using blockchain, and facilitating machine-to-machine payments with Internet of Things providers for connected cities. Alongside this, Quadriga continues to provide products and services such as a bitcoin trading platform, cryptocurrency merchant payment processing platform and a peer-to-peer remittance service.
CEO of Quadriga, Gerald Cotton said “Blockchain technology has an unchangeable, fully traceable ledger of activity and as such, represents a crucial innovation for financial technology, particularly for systems designed to combat money laundering, terrorist financing and fraud. Quadriga has the largest exchange in Canada and the largest existing database of customers that already use the Blockchain, so it was a natural progression for us to move forward with research into the Blockchain and to take a leadership role on Blockchain in Canada.”
Speaking on Quadriga’s new direction, Cotton stated “We are very excited to be starting a Blockchain lab and helping to develop FinTech in Canada, especially focusing on two phenomenal growth areas in the space, of using the Blockchain to manage digital identities for digital finance at the highest AML legal standards in the world and to be the intersection point for M2M payments for cities as they become digital and need to build in micro-payments that are efficient, instantaneous and transparent. Down the line, we see our Blockchain R&D lab having even greater applications for climate finance.”
In addition to its new lab, Quadriga has entered into an agreement with Christine Duhaime who is a legal expert in in digital finance and financial crime law. Duhaime also founded the Digital Finance Institute. Quadriga hopes that her experience in financial crime systems mitigation, knowledge of the FinTech industry and international connections in finance, banking and FinTech will provide opportunities to market its blockchain apps when they are ready for release.