Simple Founder Launches Blockchain Based Sila

Former co-founder of the digital bank Simple, Shamir Karkal, is launching a new firm Sila to help connect banks to the blockchain; the launch comes at a bad time for the technology with a lot of the hype gone and some of the biggest banks not seeing use cases for it; Karkal explains to American Banker, “Having a distributed ledger and transparency and the capabilities that come with it is quite interesting but it doesn’t solve all your problems. You still have to build products, go out and find customers and have the right product market fit.”; Sila offers a prebuilt code for banks to verify customer identity, debit and credit bank accounts and more; the company currently runs on ethereum but can run on other blockchains. Source.

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