The public blockchain-powered Financial Industry Decentralization Initiative, or FINDI, was rolled out by the financial development platform. The initiative will help create a decentralised, more open and transparent global financial system and ready the world for Web 3.0. Membership to the initiative is free. Financial professionals, consultants, start-ups, academics, and governments are all welcome. The consortium will support research and product development, provide consulting services, and host symposia.
Mike Kane, co-founder of Hydrogen, locates the importance of the public blockchain and FINDI in making the benefits of, as he puts it, “the blockchain revolution” accessible to everyone. He says that private blockchain consortiums threaten the core ethos of the technology, openness and accessibility, and just may leave billions around the globe on the lurch, including the unbanked.
FINDI’s projected members in its initial year stands at over 100 companies. FINDI also reported that current members control over USD 1 trillion in assets. Current members include Wipro, Natixis Investment Managers, Principal Financial Group, and the Dubai International Finance Center.
Hydrogen’s technology allows developers to expedite building advanced fintech solutions towards the end of helping people invest, save, purchase insurance, and in general, better manage their financial responsibilities. All of this is towards the end of creating “a worldwide ecosystem for better, simpler, fairer, more transparent, and more affordable financial products”.
Hydrogen also recently launched Hydro, a blockchain-based mobile app for security and identity management.
In July, Hydrogen secured top honors at the Luxembourg Fintech Awards. It won a EUR 50,000 cash prize and received four months’ hosting at the Technoport co-working space in Luxembourg.