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WIZBL Introduces Smart Banking in Electronic Wallet

▲ Park Kon, CEO of WIZBL. (Photo provided = WIZBL)
▲ Park Kon, CEO of WIZBL. (Photo provided = WIZBL)
WIZBL Blockchain Research Institute announced on the 7th that it will provide additional smart banking services that combine blockchain and fintech technology.

FinTech is a combination of finance and technology and refers to innovative technology in which various services in the financial industry are fused with information and communication technology.
The convergence technology is expected to enable various services such as virtual assets and CBDC (Central Bank Digital Currency) transmission and payment, P2P transactions, mini exchange functions, and exchange by asset.

Park Kon, CEO of WIZBL, said, “It will be possible to commercialize an integrated financial service platform (electronic wallet) by the end of May, and it will be the first public blockchain-based financial service platform.”

According to WIZBL, various financial services such as deposit and withdrawal, payment, remittance, P2P transactions, and currency exchange can be received with assets in the electronic wallet anytime and anywhere through the electronic wallet.

Until now, the reality is that existing blockchain technology has not been applied to the financial settlement market and major industries due to transaction processing speed and scalability.

At this point, it can be said that WIZBL’s entry into the financial settlement market has great implications that it will serve as an opportunity to achieve industrialization and innovation in blockchain technology.

We developed our own blockchain core engine for real-time processing technology to solve the limitations of blockchain technology, a WIZBL official said. “Through this, we completed a technology that focuses on transaction processing speed and scalability.”

The convergence of blockchain and fintech technology will bring innovation in financial payment services, he said. “It will be the first company to apply blockchain-based financial payment services to demonstration projects.”

Based on these technologies, WIZBL has formed a consortium with global fund companies and financial groups since last year and is seeking to acquire a European bank.

When the bank acquisition scheduled for the first half of this year is completed, it aims to preoccupy the blockchain-based financial ecosystem across Europe through full bank licenses owned by banks.
Lee Han-soo, a reporter for Metamedia,