Singapore BTC Service Tembusu Raises $1.2M SGD ; TRUST a Step Closer

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Tembusu Systems – known in the digital currency space for developing Bitcoin ATMs – has recently announced what looks to be a switch of focus for the company. In a press release reported yesterday evening (GMT), Tembusu announced it is raised 1.2 million Singapore dollars (US$887,000) in a closed financing round.

According to the press release, the company plans to use the capital to develop what it refers to as the TRUST framework. Apparently, Tembusu’s framework is a “next-generation distributed block chain technology”. What this terminology actually refers to remains something of speculation, but it seems to be aimed at addressing concerns raised by organisational authorities (government, banks, regulators etc) that are open to entering the digital currency space but are concerned about the privacy involved and the dangers of hacking.

According to the press release:

While not a cryptocurrency in itself, Tembusu’s TRUST technology can also allow banks, governments and corporations to launch their own asset-backed cryptocurrencies. Asset-backed cryptocurrencies will likely be much more stable than Bitcoin, which has seen wild price fluctuations and is worth just 25 per cent of what it was worth 12 months ago.

They went on to say:

Each TRUST transaction belongs to identifiable person with accumulated ‘trust’. This allows trusted individuals to make offline transactions, so business can be done even without an Internet connection.

There are many members of the digital currency space that are concerned about the future of bitcoin when applied to a regulatory framework such as that which the TRUST framework seems to represent, but in the grand scheme of things this ought to be a large step forward towards mainstream adoption. What do you think? Agree or not? Let us know…

Images courtesy of Tembusu.