South Summit Madrid recently announced the 100 finalist startups in its startup competition, including 12 Fintech Insurtech projects, that will take part in the South Summit 2020 event from October 6th to 8thwhich will be held in Madrid, Spain, as Seguros New reports on its website.
The South Summit, run by IE University, in collaboration with the Madrid City Council, brings an innovative idea that multiplies the networking of ecosystem actors and the creation of business opportunities through an omnichannel format that mixes physical encounters with a digital multi-channel platform.
One of the advantages of a startup as a finalist of the South Summit is the opportunity to present its projects to key figures on the first level of the ecosystem participating in the meeting. Reach out to high-end companies, investors, and executives for innovation and business opportunities, and get an overview of the global reach that the digital context offers.
The note reviewed by Seguros New mentions that of 3,800 projects submitted for the Startups competition in this edition, only 100 were selected as finalists, of which 30% are national and 70% international and from 25 different countries come. including the United Kingdom, the United States, Germany, Brazil or Israel.
Based on criteria such as the degree of innovation of the project, the investment potential it can generate, as well as its scalability or internal growth capacity and the team of professionals that make up it, Some of the aspects were taken into account by the committee formed by recognized investors and innovation experts to select the 100 finalist startups.
All selected startups belong to the leading market sectors, including healthcare, travel, insurance, EdTech, Fintech Insurtech. The latter with a total of 12 finalist startups, These include two companies that are supported with blockchain technology.
Wirex: Fintech Insurtech
In the first case there is the Wirex platform founded in 2014. A London-based fintech company helping to solve the crossroads of cryptocurrencies: converting crypto to traditional money and vice versa.
Wirex is a digital bank that offers the same benefits as any traditional bank, but also adds instant cryptocurrency conversions (Bitcoin, Litecoin, Ethereum, WAVES and XRP to traditional money and vice versa), money transfer, balance management, etc.
The company is subject to an e-money license from the UK Financial Conduct Authority, which ensures that its payment cards have the standard VBV protection typical of Visa cards. 3D Secure provides consumer authentication securitywhich ensures that all users are protected online and offline and beyond All sensitive data is protected by TLS and 256-bit AES encryption.
This platform works with multiple fiat wallets: Euros, British Pounds, US Dollars, Australian Dollars, Japanese Yen etc. as well as cryptocurrency wallets and 3 Visa cards (Euro, Dollar and Pound). Wirex, which has its Wirexapp app, acts as a wallet, currency exchange and debit card. All of them are integrated with each other through the mobile application.
On the other hand, the Wirex card can be used in any setting: in clubs, restaurants, ATMs, physical stores and online stores like Amazon, as if it were a regular debit card. However, exchange, wallet and debit card services are not yet available for all countries such as the US.. Some of the countries currently able to use all of the features of this platform include Belgium, Croatia, Cyprus, Czech Republic, Spain, Italy, Luxembourg, Portugal, Romania, Norway and the United Kingdom, among others.
Another company that offers blockchain technology for interoperability with the existing banking system and is part of the 12 fintech startups selected at South Summit 2020 is Ternio.
It is a leading blockchain company providing white label technology to business organizations and providing real world cryptocurrency and blockchain applications. Ternio’s technology enables a global banking solution. The platform enables payment transfers using blockchain, decentralized wallets and cryptocurrencies for peer-to-peer transfers in combination with conventional services such as debit cards and bank accounts.
BlockCard is an example of this technology and a cryptographic debit card platform that allows cardholders to buy whatever they want with cryptocurrencies anywhere major credit cards are accepted. Consumers can register their information, deposit cryptocurrencies like bitcoin, and get a debit card to make purchases. Like any major debit card, it can be used at most retailers around the world and can also be synced with mobile payment services like Apple or Google Pay.
Prominent companies in the cryptocurrency industry such as The Litecoin Foundation, BiBox Exchange, Veil and others have licensed the Ternio platform to launch their own debit cards in 2020.. With live debit card programs in the US and multiple partners. By licensing the platform, Ternio has also achieved global expansion, starting with 31 European countries, with the aim of enabling interaction between fiat currencies such as the dollar and the cryptocurrencies.
Blockchain and cryptocurrencies
Cryptocurrencies are technologies that are still being studied by experts and banks around the world. Thanks to the blockchain technology, which acts as the unchangeable “notary” of the entire transaction system, a virtual currency is prevented from being spent twice and it is guaranteed that payments and collections with Bitcoin are secure.
The number of websites that accept bitcoins as a payment method is still limited and will change over time, e.g. B. Microsoft or some of the subway chain restaurants that currently accept them. Other companies like Amazon don’t accept payments in Bitcoin directly, but they do accept payments through payment gateways that act as intermediaries, like Bitrefill or Fold.
An example of the changed attitudes toward cryptocurrencies over the years is that of the European Central Bank (ECB), which has warned against cryptocurrencies due to its volatility, lack of legal protection and lack of support from an authority to the possibility of creating a digital currency to investigate.