Diem Association Progresses To Launch A New Technical Upgrade To Allow More Financial Institutions To Connect With Payment Network
The Diem Association is progressing toward launch with a new technical upgrade that allows more financial institutions to connect with the payment network.
It has been reported by Fireblocks, the Crypto security specialist, and First Digital Asset Group, a Diem payment provider, that they have developed a secure wallet and infrastructure that allows financial institutions to facilitate transactions on the Diem network.
However, the Diem network appears ready to begin onboarding new clients, provided they qualify as a Virtual Asset Service Provider (VASP).
The report said that the Financial Action Task Force (FATF) defines a VASP as any business that’s involved in the exchange, transfer, or safekeeping of virtual assets. Founded in 2017, First Digital Asset Group enables merchants and other institutions to accept and process both Diem and stablecoin payments.
Things are heating up for Diem as a new payment infrastructure is introduced.
The upgrade will allow more financial institutions to use the network, but can the project leap over its current regulatory hurdles? https://t.co/CGBb9h6ktV
— Cointelegraph (@Cointelegraph) February 17, 2021
Michael Shaulov, the CEO of Fireblocks, said that the partnership between Fireblocks and First is intended to “accelerate the adoption of Diem payments” and ensure that any capable financial institution can connect to the network.
Thus, Ran Goldi, the CEO of First, said:
“As custodians, wallets, exchanges, PSPs, and other VASPs prepare for the Diem network, we’re excited to be working with Fireblocks to deliver everything a VASP needs, from risk to on/off-chain communication, and liquidation.”