MonetaGo, a fintech company based in New York City that works with financial institutions, has switched over from Hyperledger Fabric to R3’s Corda as an enterprise Blockchain platform. As previously tied with both platforms, MonetaGo will now utilize Corda as it continues expanding its footprint in Mexico, along with other international locations with a current trial in India. Previously operated as a Cryptocurrency exchange before changing the root, the software company provides fraud mitigation solutions based on Blockchain for financial institutions.
As MonetaGo CEO Jesse Chenard said, with the new deployments that the company coming up in Mexico, as well as in other locations, the regulators themselves have been potentially seeking to adopt this system and for that Corda has a good architecture. In recent months, Corda has gone from strength to strength as new partners come on board, in addition to most recently, a three-bank transaction in Germany utilized the platform to settle a USD 113,500 transaction. Chenard also noted that as the company has seen the Distributed Ledger Technology (DLT) market unfold, it has become clear that R3 is emerging as the leader in the financial services space.
Hyperledger is a multi-project open source Blockchain product, hosted by The Linux Foundation, designed to advance cross-industry Blockchain technologies. It also keeps augmenting its membership from JPMorgan Chase, American Express and, as of this month, Italy’s postal service. However, criticism in enterprise Blockchain developments has also appeared from the Cryptocurrency industry recently.