Why the EQIBank partnership is a major milestone for Unido

08 April 2021

As cryptocurrency and blockchain technology keep making inroads into traditional finance, even long-time bears such as Kevin O’Leary have started to change their tune about its prospects. However, some of the main criticisms of the space still hold true. Custody and security are still issues that discourage many investors and institutions, as confirmed by PayPal’s recent focus on cloud-based crypto security.

Innovative companies, such as EQIBank, are taking the lead with a crypto-native approach towards these issues, and in this context Unido is becoming the go-to solution. The digital bank for business and high-networth individuals has decided to build crypto custody and crypto trading products with technology developed by our team, citing “market leading security solutions, based on patent-pending fragmented key signing engine, and its easy-to-use client experience.”

What’s relevant to EQIBank is our crypto bank-in-a-box that integrates with legacy fiat systems and centralised CRMs of existing banks, exchanges, and custodians. It allows institutions like EQIBank to offer crypto wallets that store client digital assets, avoiding hack risks as well as transparency issues. These wallets let clients hold their assets directly but the bank maintains control over transactions by holding enough key fragments to authorize transactions.

EQIBank CCO Edwin Carlson rounded up the benefits of our partnership, noting that it “brings EQIBank clients easy access to secure crypto storage, OTC transacting, and DeFi investing.” Our Polkadot-based, scalable solutions will be available to existing EQIBank clients and will likely drive the acquisition of new users who haven’t joined the cryptocurrency markets over security concerns.

Other features included in our model of crypto banking are payment and transfer of digital assets for payroll and suppliers, multi-user wallet management, and analytics on financial activity based on tamper-proof data. This allows for an efficient on-chain implementation of corporate governance that is set to benefit EQIBank clients.

What does this mean for the UDO token?

For the Unido platform and our token holders, this also represents a huge opportunity. Demand for the $UDO token is expected to soar once it is integrated into EQIBank’s products. The token will be needed to provide Access Licences for the bank’s users as well as for Consumption Fees to facilitate EQIBank’s nine-figure transaction volumes.

At the same time, our implementation of a Burn and Recycle model means that $UDO will be burnt on a quarterly basis. This will help the token capture additional value by reducing total supply in line with user adoption.

The burn model captures and incinerates 60% of the Consumption Fees generated by the Enterprise Platform on a quarterly basis, up to the point where the total supply of $UDO will be reduced by 20%.

Our partnership with EQIBank signals a turning point in crypto banking. One where secure, on-chain solutions become a reality for leading digital banks and their clients.

About Unido

Unido is an enterprise platform for decentralized capital markets. It enables institutions & corporate clients to securely store, manage and invest their crypto assets into decentralized finance networks. Unido is underpinned by proprietary key signing technology that provides enterprise-grade security for any transaction which utilizes it.

Founded in 2017 and with a market-ready product, Unido is led by an experienced team of ex-Goldman Sachs, ex-Macquarie and ex-Wipro with decades of experience in enterprise software development, financial services and agency blockchain development.

Blockchain, Cryptocurrency, Unido, Unido Partnership, Defi
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