Delchain, an innovative financial digital asset service provider looking to bridge the gap between regulated financial services and blockchain, today announces its partnership with Flare, a specialized blockchain network, with the purpose of facilitating safe, peer-to-peer transactions of cryptocurrencies on the Flare platform.
Delchain is a leading one-stop-shop for blockchain financial services and aims to bridge the gap between regulated financial services and the world of cryptocurrency.
Flare is a new smart contract platform and the first such platform to apply Federated Byzantine Agreement (FBA) consensus to smart contracts. Flare is built on a modified version of Avalanche and incorporates the Ethereum Virtual Machine, which is the same smart contract engine that also runs on the Ethereum blockchain. This makes Flare immediately accessible to the majority of the blockchain development community.
Because Flare doesn’t require a token for staking to garner security, Flare’s token Spark ($FLR) is used to enable a trustless, non-custodial and decentralized way to enable any cryptocurrency from any other chain to be used in smart contracts on Flare. This system is launching with XRP (Ripple transaction protocol), Litecoin, XLM (Stellar) and Dogecoin. Additional tokens may be added prior to launch and after launch, additional tokens may be added through token-controlled governance.
One highly successful application of smart contracts is Decentralized Finance (DeFi), which then allows for a system where all parties involved can interact peer-to-peer or with only a software-based middleman, rather than through an institution.
Flare’s unique offering as a cryptocurrency is its own native smart contract blockchain where tokenized assets are used. Through the partnership, Delchain is now officially a custodian of Flare’s native token $FLR and the assets that can be bridged onto Flare (F-Assets). By receiving coming and future tokens within the Flare environment, Delchain’s participation adds an extra layer of authority. Together, the companies will advance reputable, licensed, and seamless transactions.
“We have always remained passionate about improving our services for our clients but partnering with Flare has allowed us to show and tell our priorities and our core values, says Bruno Macchialli, the CEO of Delchain. “With Flare, we found that their commitment to safety and innovation allows for consumers to continue to trust the cryptocurrency world a little bit more through facilitating secure and seamless transactions. We understand that advancement in every aspect is important to our clients and that is really what this partnership is about.”
“Flare is excited to work with Delchain as custody provider to the Flare ecosystem. Custody providers play a very important role in making the decentralized world accessible to financial institutions,” says Hugo Philion, the CEO of Flare.