Blockchain Firm Receives $15 Million For Cross-Border Payments
Adhara is composed of a qualified team with vast experience in the banking sector.
Blockchain Firm To Help Central Banks Understand Cryptography
The Adhara startup has a landed $15 million in funding from Consensys. The blockchain firm is expected to use the funds to facilitate its international payments. Part of Adhara’s goal is to help central banks learn more about cryptography which has recently been discussed in academic circles.
At the moment, the firm has been looking at the zero-knowledge proof system. The system is being combined with different aspects of cryptography as a way of bettering blockchain’s performance. It will be operated within the payment structure of the South African Reserve Bank.
Adhara was co-founded by Peter Munnings, Julio Faura and Edward Budd. According to Fudd, the team is keen on exploring all aspects that can be used to improve the smooth functioning of blockchain transactions. He stated that their system is made in a way that requires a blockchain to be supported by smart contracts which permit the issuance of fiat which then resultingly play a role of the underlying building block.
Before joining Adhara, Faura quit his position at Spain based Santander Bank. He spoke in detail about his decision to quit the bank. Faura pointed out that he has always leaned toward entrepreneurship and his decision to quit was meant to address this urge. He wanted to find solutions to regular world problems. Faura pointed out that he can perform his role with the help of a regulated financial facility.
Previously, Adhara was involved in a blockchain test with a central bank back in 2017 under Project Ubin. The project entailed testing a digital ledger which was backed by MAS of Singapore.
Under the project, the Adhara team was required to come up with smart modifications in order to complete the heavy cryptography deployed by the Quorum team that was a partner under Project Ubin.
Addressing the press, Munnings dived into the notable variations on the use of Quorum on Project Ubin. He said that Ubin used zero-knowledge proof to show that the outcome in balance was composed of the initial balance plus or minus the balance transferred. The whole process took only four seconds in total.