Stratis Is Now An Open Banking Technical Service Provider

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Blockchain
Stratis Is Now An Open Banking Technical Service Provider

Stratis, a blockchain development platform, announced that it has become a Technical Service Provider for Open banking technology. Open banking connects technical providers, third parties, and banks and has about 6 million users in the United Kingdom. 

Stratis Now A Technical Service Provider For Open Banking

According to reports, Stratis has become an Open banking Technical Service Provider. Stratis is a blockchain Development Platform that was built to meet the requirements of real-world enterprises and financial services.

Meanwhile, the current partners of Open Bank include CMA 9, the nine biggest banks in the United Kingdom. Open banking has more than 6 million active customers in the United Kingdom. 

Additionally, Open banking creates connections between financial institutions, third parties, and technological service providers. This makes it possible for participants to communicate data in a way that is both straightforward and safe for the benefit of their respective consumers. 

Furthermore, the platform offers a reliable foundation for collaboration, which makes it possible to produce services that are both new and of higher value.

Meanwhile, Stratis understands the significance of standards, not just for enabling interoperability but also for making integration easier. Hence, the recent development is good news for the blockchain firm. 

Stratis’ membership with Open banking will allow the firm to start using a global banking standard for its stablecoin solution. This leverage will help to eliminate complications and ensure that they conform to standards.

Stratis has finally finished the creation of the solution. This solution allows a stablecoin to be created on the decentralized and public Cirrus Blockchain. 

Now that it has exposure to the Open Banking directory sandbox, Stratis hopes to utilize the service fully. The blockchain firm can begin the process of further integrating into the service and offering a lot of value to potential customers and business partners in the future. 

Stratis Stablecoin Development 

Earlier, Stratis said its plan for a stablecoin does not rely on modern algorithms. Rather, its approach will ensure that tokens are generated as collateral is available. 

As a result, this method guarantees that each token has the value that was intended for it. Also, Stratis intends to publish a GBPT Portal on its testnet (CirrusTest). 

The aim is to illustrate how easily and quickly tokens may be minted by simulating deposits in a traditional banking account. This is an excellent step ahead for Stratis, and only time will tell what the future has in store for the company.

Earlier in May, Stratis partnered with Uganda to fund a blockchain development center in the country. As part of the collaboration, Stratis will provide financial support for establishing a new blockchain innovation hub in the kingdom.

This center aims to promote the growth of blockchain-based expertise and development capabilities. Stratis added that it is dedicated to fostering originality and creativity at the core, and the curriculum has been developed with this goal in mind. 

The curriculum makes use of case studies to stimulate new ideas concerning the use of blockchain technology. Stratis also partnered with the country to evaluate blockchain use cases in the country, especially in the agricultural sector.

Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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