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Attic Lab Joins Forces with Polybius for Blockchain-Based Bank

Attic Lab Joins Forces with Polybius for Blockchain Based Bank

Ukranian start-up Attic Lab, which has developed an open-source blockchain platform, is going to partner with the Polybius Foundation for setting up a new digital bank.

According to the Memorandum of Understanding, Polybius Bank will take advantage of the platform for its payment services. The ambition of the financial institution is to become the “first European bank specializing in financial services for companies dealing with cryptocurrencies and blockchain worldwide”. It will further provide loans backed up by digital currency as well as investment portfolios based on cryptocurrencies.

The Polybius Foundation unites CryptoPay, a virtual currency payments firm, HashCoins, a blockchain software developer, and AmbiSafe, a developer of Ethereum smart contracts.

According to Ivan Turygin, co-founder of Polybius, what triggered the project was the skepticism of banks towards Bitcoin.

In turn, Pavel Kravchenko, co-founder of Attic, commented that the envisioned bank will comply with the upcoming Payment Services Directive (PSD2).

The concept behind Polybius Bank resembles what has already been done by FinLeap and SolarisBank. Last year they set up the first Banking as a Platform (BaaP) service.