RE: RNS MATAVERSE BANK NICE ONE RICH17 Mar 2022 07:07
Tintra PLC – World’s first Web 3.0 bank to power metaverse
17 March 2022 07:00
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RNS Number : 0573F Tintra PLC 17 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
17 March 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
RegTech firm Tintra PLC announces world's first Web 3.0 bank to power
metaverse
The board of directors (the "Board") of fast-growth RegTech business, Tintra
PLC (https://tintra.com/) announces the next stage of its strategy, previously
set out in the announcement of 4 November 2021 (the "Announcement") - the
development of what the Board believes to be the world's first built for
purpose Web 3.0 banking platform (the "Platform"), to expand its
already-extensive technological capabilities, through to the launch of of an
equally innovative fully functional metaverse bank.
Though many incumbent and legacy banks are currently opening lounges and
branches in the metaverse via platforms like Decentraland, Tintra intends to
create the first bank capable of functioning operationally within the digital
realm of the metaverse. This logical progression in strategy is something
the Board believes sits within the timing and wider elements set out in the
Announcement.
Tintra's revolutionary "borderless" approach will introduce a financial and
regulatory infrastructure built solidly upon Web 3.0 technologies and
concepts, including metaverse and blockchain interoperability, transparency by
utilising dataless cryptographic mechanisms, and blockchain-based
verification. While the Platform will develop over time, along with these
Web 3.0 technologies and concepts, it is being built on a "clean-sheet" basis
rather than bolting such elements on to legacy platforms. Tintra's
infrastructure will be fully compliant with current regulation, apply
artificial intelligence to enhance the KYC/AML framework but include in built
latency elements that the Board believes will give the business a competitive
edge as the world moves into a Web 3.0 environment.
Tintra's infrastructure will not only enable financial and regulatory
communication layers between currently siloed metaverse projects, but also
provide a bridge to off-chain, traditional regulatory and financial systems.
Alongside providing these seamless transport and verification mechanisms for
inter-chain, cross-chain and off-chain financial and regulatory activities,
Tintra's technology will enable internal data risk-reduction, through
verifiable "always-on" KYC. In essence, this will enable seamless
transactions in the metaverse between counterparties as if they were in the
real world standing ne
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