Downtown Core, Singapore, Dec. 30, 2020 (GLOBE NEWSWIRE) — On December 9th, 2020, Elamachain and Hybrid Bank signed a formal, software supply agreement, thereby joining forces in building a robust and decentralized credit rating system for the blockchain community. According to the contract’s terms, Elamachain will provide Hybrid Bank with a customized version of its private blockchain technology (software), which the latter can use to develop proprietary solutions for its clientele.
In courtesy of this partnership, Hybrid Bank users will now be able to use the ELA Coin (ELAMA) for payments within the Hybrid Bank ecosystem. Implementing Elamachain’s AI-Blockchain hybrid software will empower Hybrid Bank by extracting greater value from the unstructured users’ data generated through interactions on the platform. In turn, this will facilitate a more seamless and intuitive experience for end-users, including exchanges, miners, and individuals.
During the period of the agreement, Elamachain shall be responsible for providing maintenance support to Hybrid Bank, while being responsible for upholding the white-label software’s performance, quality, stability, and security. Lastly, the partnership shall allow both companies to discover unprecedented avenues, especially with regard to building futuristic solutions for the global DeFi community.
About Hybrid Bank
Hybrid Bank is a decentralized financial platform offering end-to-end cryptocurrency lending services for exchanges, mining companies, and individual users. It leverages blockchain technology to bring transparency, user control, security, and global access to financial services through its distributed lending services. The insured, free, and secured Hybrid Bank account offers intuitive interest rates to its users, along with diverse collateral options for borrowers. HBC and HBUSD are the native tokens used on the Hybrid Bank platform.
Hybrid Bank’s long-term goal is to become a unified Credit Information Disclosure system, that will enable financial institutions across domains—lending, banking, and non-banking—to collaborate with each other, thus ensuring a superior user experience for customers.
Founded in 2017, Elamachain is a Singapore-based emotional AI platform that is leveraging technology to “create a better world”. Since its inception as a corporation in 2018, Elamachain has partnered with US-based Xanadu Big Data, MIT, and other stalwarts in the industry.
Built on the Hyperledger Fabric, Elamachain collaborates with open-source projects, while tapping into human emotions through a combination of AI and Blockchain technology. In doing so, the company effectively connects on-chain and off-chain situations, thereby laying a strong foundation of mainstream adoption of decentralized technologies.