Adhara, an enterprise blockchain startup, has raised $7.5 million in funding. Germany's Yabeo and the UK's Force Over Mass Capital (FOM) led the Series A round. Among other investors are Tokentus and ConsenSys, known for investing $15 million in Adhara in funding rounds held in 2018.
Adhara is best known for its central bank digital currency (CBDC) work in South Africa and is a blockchain technology partner to Fnality, previously known as the Utility Settlement Coin.
A Turning Point, Say Top Execs
Julio Faura, CEO & Co-Founder of Adhara, used to previously head Santander's R&D and Blockchain practice before founding Adhara with Ed Budd, Chief Digital Officer at Deutsche Bank, and Peter Munnings. The latter formerly worked on innovation at FirstRand Bank treasury. Faura stated:
"It places us in a strong position to be the trusted software partner for commercial banks in the shift to real time settlement liquidity and the go-to software partner for system integrators or consultancies providing liquidity advisory."
Munnings, currently the COO of Adhara, mentioned that the company will use the funding to develop commercial banking solutions further. They're working with several other banks, which will be announced in time. Munnings further adds:
"My sense is we're now at the point where we're going to see real volumes and real money coming out of this."
LiquidityHub T.0 and PayHub T.0
LiquidityHub T.0 and PayHub T.0 are two of Adhara's banking solutions for intragroup transactions for Banks. LiquidityHub T.0 enables banks to pool cash, reducing the intragroup Nostro account balances and other correspondent accounts.
For example, when Adhara makes payments in different countries, the transaction will be routed through bank accounts in the USA. The currency conversion uses the dollar as an intermediate. With LiquidityHub T.0, the bank can have two hubs.
These hubs can tokenize their sterling or euro balances while allowing subsidiaries to control their balances. Tokens can then easily be transferred between the subsidiaries. By applying it to all currencies, the amount of liquidity required is significantly reduced. PayHub T.0 enables better payment routing, complementing LiquidityHub T.0.
Third Solution, Treasury T.0!
The two solutions, LiquidityHub T.0 and PayHub T.0 help save money while Treasury T.0 provides banks with a new business opportunity. It enables a solution for corporates and midsize firms with international reach to gain more visibility.
This visibility into the bank's liquidity is applicable around the world and allows payment in multiple currencies. It also allows foreign positions to be hedged. T.0, along with LiquidityHub T.0 and PayHub T.0, creates a solution that incorporates tokenization, enable T0, or instant settlement.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.