SINGAPORE, Oct. 03, 2024 (GLOBE NEWSWIRE) -- MELD, a new Neobank coming to the market with both fiat and crypto services has just announced their newest innovation, a privacy preserving fiat payment network called zkBanking. The network is designed to write all of MELD fiat banking transactions onto the blockchain. The new network uses Zero Knowledge technology which preserves the private information while allowing anyone to verify that a transaction has been completed.
With the zkBanking network, MELD will be able to put all the traditional banking transactions on-chain in order to show proof of funds, proof of reserves, proof of payment, proof of debt, and much more. With the zkBanking network you get the best of both worlds, transparency and verifiability of a transaction, while not divulging sensitive details about account and identities.
This new zkBanking Network employs nodes, and MELD is selling some of these nodes to their community as the start of a process to decentralize their zkBanking network like their layer 1 blockchain network. When you purchase a node, you are effectively securing the MELD zkBanking network and get block rewards in exchange for this. The block rewards are generated based on the network's activity. The more transactions MELD processes the more block rewards the nodes earn.
MELD offers two types of nodes, a Static Node and a Dynamic Node. Static Nodes earn block rewards based on a conservative forecast of network activity which comes to 48% APY for three years. Dynamic Nodes just earn the actual block rewards generated, which is currently forecast between 10%-700% APY for five years. Block rewards are paid in $MELD tokens and can be claimed quarterly.
Today, bank transactions are sent from one account to another in many different forms, some through internal networks, some through local networks like ACH or SEPA and then the granddaddy of them all, SWIFT transactions that work worldwide. All of these networks are old, slow, cumbersome and monumentally complex. The latest incarnation of a banking network is FedNow, launched in 2023 to enable users to send funds digitally in the US, and it requires 93 solutions providers to operate.
Because MELD offers fiat deposit accounts, we interface with many of these systems. We've built a network on top of this dinosaur to push things to the 21st century.
The MELD zkBanking network is taking all fiat transactions and writing them on-chain - on the MELD blockchain to be specific. They are using a technology called Zero Knowledge proofs to bring all these transactions on-chain while maintaining data privacy.
With zkProofs you can verify the fiat data to a 3rd party as needed but without divulging sensitive information. This way we are able to get the benefits of a publicly verifiable blockchain while still maintaining privacy.
The zkBanking Banking network is a new stage in modern banking that embraces blockchain technology but more importantly, blockchain values. Bringing the ancient world of banking into the light of decentralization, trustlessness and user centered control of data.
The MELD zkBanking Node Sale begins on October 3rd at 5pm CET (8am PST, 11am EST)
Total Nodes Available: 37,500
Static Node price: 80-200 USDT/USDC
Dynamic Node price: 250 USDT/USDC
Find out more at: nodesale.meld.com
About MELD
MELD is a crypto native global neobank powered by the blockchain. Bringing fiat currencies like (30+ including USD and EUR) and crypto currencies (1000+ BTC and ETH) together in one seamless wallet supporting more than 150 countries, MELD makes it easy to navigate between these two worlds and get the best out of both. From generating a yield on your crypto to debit cards and business accounts, MELD brings fundamental banking services to everyone.
The MELD blockchain powers more than just the MELD Neobank, with a non-custodial lending and borrowing protocol and more than 30 businesses building on MELD. Users interact with all of this through the MELD web and Mobile apps helping people and businesses take full advantage of both their crypto assets and fiat assets.
You can follow the project and stay up to date with its development at these links:
Website | X (Twitter) | Telegram |
press@meld.com
Disclaimer: This content is provided by “MELD”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/efacf6f1-9b19-40b5-b388-e190d82183db
