Yet another business has chosen to build its enterprise product on Bitcoin SV (BSV), the only project that follows Bitcoin’s original design and protocol. DRIVE Markets is an institutional cryptocurrency exchange that launched several weeks ago, with a goal of attracting foreign exchange traders to the crypto markets.
DRIVE Markets is the first product rolled out by financial services company DRIVE as part of its multi-product approach to overhaul “the most arcane areas of the financial industry,” founder and CEO Kate Hiscox said in a new interview. Markets will provide the key infrastructure for DRIVE’s soon-to-launch services: DRIVE Pay, which targets cross border clearing and settlement; and DRIVE Banking, which promises to be a “business banking game-changer.”
“With Markets, we saw an opportunity to bring FX traders to the crypto markets by providing the tools and high-frequency trading capabilities they’re familiar with. FX trades $5 trillion daily and we’re set on bringing some of that volume to crypto,” Hiscox said. “As a business, DRIVE Markets has huge potential but we felt there were further opportunities to leverage our FX and CX capabilities across other products.”
To entice the $5 trillion forex market, DRIVE Markets has partnered with forex giants like First Derivatives and MetaTrader. The company has also secured an undisclosed investment from entrepreneur Calvin Ayre, founder of Ayre Group and one of the biggest supporters of BSV, for DRIVE Pay.
DRIVE Pay, according to the executive, is a multi-protocol, real-time remittance and gross settlement network for crypto and fiat currencies. The platform will run on the BSV blockchain, which will act as the anchoring ledger for the payments network, while the BSV crypto will be used as an intermediary currency to enable liquidity.
Bitcoin SV is the perfect fit for DRIVE Pay, particularly since the BSV network has the scaling plan needed to support not just global payment networks, but other enterprises as well. Hiscox explains:
“We looked at existing blockchain networks in terms of capability and token characteristics and the Bitcoin SV teams (including nChain) impressed us with their roadmap for massive scaling of the BSV blockchain, enterprise-first approach, and regulation-friendly mindset. They also understand that in order for big business to adopt a solution, you have to meet certain expectations and service level agreements. The Bitcoin SV blockchain will be used by DRIVE Pay for our ledger specific requirements and BSV will be used as a bridge currency, similar to XRP.”
The DRIVE team will be on hand at the upcoming CoinGeek Toronto scaling conference on May 29-30 at the Carlu to talk about DRIVE Pay. If you want to know more about DRIVE’s products and services and why they chose BSV, there’s still time to register for the event, and you can get a discount if you pay with Bitcoin SV via Coingate.