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Called Libra Crypto Office, the application is being deployed as a way to connect to a wider ecosystem of cryptocurrency services and to automate the real-time gathering of critical information for compliance purposes.
According to Libra's CEO Jake Benson, the product appeared after discussions with people working in the fields of taxation, compliance and risk assessment. According to him, among the issues raised there were problems with scaling due to increasingly complicated processes.
The company has already attracted two industry services as early clients: the market maker XBTO (which participated in financing Libra in the amount of $ 7.8 million) and the ShapeShift service for the exchange of cryptocurrencies.
The Libra proposal is one of a growing number of blockchain servicies that are placed in an institutional audience, including hedge funds that are contributing or are weighing a share in the market. This is also due to the fact that some of the major cryptocurrencies in the world (including, in particular, bitcoin) reached new record highs, for the first time this week, pushing the collective marketing capitalization of those currencies to over $300 billion.
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