Tintra announces the world’s first Web 3.0 bank to power metaverse
By Joy Dumasia
- Blockchain based Verification
Tintra PLC announces the development of what is believed to be the world’s first built-for-purpose Web 3.0 banking platform. This platform will expand Tintra’s already extensive technological capabilities with the eventual launch of an equally innovative, fully-functional metaverse bank. While incumbent and legacy banks are currently opening lounges and branches in the metaverse via third-party platforms, Tintra intends to create the first bank capable of functioning operationally within the digital realm of the metaverse.
Tintra’s revolutionary “borderless” approach will introduce a financial and regulatory infrastructure built solidly upon Web 3.0 technologies and concepts, including metaverse and blockchain interoperability, transparency by utilising dataless cryptographic mechanisms, and blockchain-based verification. The platform is being developed on a “clean-sheet” basis instead of bolting Web 3.0 technologies and concepts onto legacy platforms. Tintra’s infrastructure will be fully compliant with current regulation and apply artificial intelligence to enhance the KYC/AML framework and include in-built latency elements.
Tintra’s infrastructure will enable financial and regulatory communication layers between currently siloed metaverse projects and provide a bridge to off-chain, traditional regulatory, and financial systems. Alongside providing these seamless transport and verification mechanisms for inter-chain, cross-chain, and off-chain financial and regulatory activities, Tintra’s technology will enable internal data risk-reduction through verifiable “always-on” KYC. This will enable seamless transactions in the metaverse between counterparties as if they were in the real world, standing next to one another.
Tintra’s “borderless” technologies and IP will be protected by trademarks and patents, alongside asset purchases and infrastructural developments within existing metaverse projects. The core trademarks and patents are expected to be filed side-by-side with the development of Tintra’s platform over the next two years.
This latest proposed expansion of Tintra’s technological capabilities complements its existing investments in AI and machine learning. Building on its partnership with the AI-specialist research and investment firm TMC2, Tintra is continuing to develop end-to-end AI-driven technologies designed to allow emerging market financial institutions to access global banking systems.
The advanced technologies Tintra is creating will revolutionise the regulatory environment and make access to the global marketplace seamless in Africa, Latin America, or Asia, as in Europe or the US.
Tintra PLC’s Group CEO, Richard Shearer, comments: “We have set out to revolutionise how developed market banks interact with their emerging market counterparts. A lot of the technologies using artificial intelligence and machine learning that I have discussed elsewhere have an interconnection with metaverse thinking. When it comes to the metaverse, it’s important to take an expansive and long-term view of the terrain and its implications, especially in the context of Web 3.0.
It would be a mistake, for example, to think of the metaverse as nothing more than a branding exercise from one provider or another. Instead, I suggest thinking of the metaverse more along the lines of social media, which isn’t a single, homogenous mass, but a phenomenon that contains a variety of platforms and possibilities, whether they be Facebook, Twitter, and so on.
By the same token, we anticipate that the metaverse will wear many faces and fulfil a number of discrete functions in people’s lives driven by Web 3.0 protocols – a primary one being the ability to transact, which is, of course, our area of interest. This can be as painless in the metaverse as it is in real life as if two individuals were in a market, souk, or mercado.
As I’ve discussed elsewhere, we are building banking infrastructure that will allow us to open borders and business sectors across Asia, Africa and Latin America. Our unique thinking on this is that the methodology to achieve this is by building tomorrow’s bank and then reverse engineering it back to fit today’s regulatory and fiscal landscape – as opposed to others who, in our view, are taking a more bottom-up approach.
We are already pushing this process of solving the AML/KYC challenges faced by emerging market individuals and businesses along rapidly with a number of in-house PhD level brains rethinking what’s possible. Today’s announcement is a natural next step along that same path, and I look forward to sharing a lot more in the coming months on how we are opening up modern physical borders and at the same time contemplating a banking future beyond borders and perhaps even into the metaverse.”