Edward Budd and Julio Faura founded a distributed accounting technology company for emerging banks.
Another group of executives from the traditional financial system moved to the blockchain industry, the journal FN reported on Tuesday. Edward Budd and Julio Faura, who had worked as technological innovation managers at Deutsche Bank and Santander, have launched this summer a cryptic company called Adhera.
The joint project targets emerging banks that need help managing their daily cash positions because they have to convert transactions into various currencies. Currently, the company works in the United Kingdom, Spain and South Africa, but also wants to focus on the Asian, African and Latin American states where banks have more problems with internal reconciliation.
"If you have a limited amount of visibility for that position during the day, you need to insert more [capital] as needed." We are releasing one of their most critical resources, "Budd told FN.
Adhera , supported by ConsenSys, uses the open source blockchain of the US bank JP Morgan called Quorum.
The technology behind virtual currencies such as Bitcoin (BTC) has evolved far beyond its traditional use and is It was implemented in a number of areas, but this was not the situation in which Budd worked at Deutsche Bank, he explained, as the technology of distributed ledgers has progressed significantly in recent months, at which time Deutsche Bank did not consider how could he make use of digital resources such as cryptocurrencies Budd has been CEO of the innovation to the German lender for 20 years until August 2017.
"Not it was really the maturity of thought, of technology, of the ideas you have now. We were all really stuck on [the idea that] we need something different for financial services. I have not spent much time encrypt public and bitcoin / ethereum-style things, "said Budd.
Budd and Faura are following a trail of traditional financial system managers who have decided to switch to the crypto and blockchain world. beginning this week, the Japanese startup of cryptocurrencies FXcoin took over a former Deutsche Bank dealer as a virtual currency strategist, and in April, a former vice-president of the London office of Goldman Sachs he moved to the Galaxy Digital merchant bank, owned by billionaire Mike Novogratz.