July 29th, 2021 - After thorough review and selection, we are delighted to announce Vendible is the latest recipient of an Algorand Foundation Grant. Vendible's grant award will focus on identity, the foundation for the Vendible architecture. Vendible will deliver a solution which includes a set of best practices for managing identity data, the masking of decentralized identities (DIDs), architecture and production of smart contracts which manage DIDs, production of a digital asset wallet which utilizes the smart contracts to pair DIDs with with addresses, and a front-facing application which will allow businesses or individuals the ability to verify their identity through a trusted third-party, produce a qualified DID, and link their encrypted identity to their wallet.
Vendible serves in powering frictionless financial services for enterprises, nonprofits, and governments worldwide by combining secure identity and assets into a modern payment engine. Vendible's infrastructure creates a seamless pathway for large-scale institutions, traditional finance, and DeFi to increase efficiency and lower transaction costs without intermediaries.
Consumers are looking for greater control over their assets and identity. Vendible ensures that service providers can only access data granted by the wallet owner, with protections against abuse. Data and asset management is intuitive, so anyone can start sending or exchanging assets. Vendible supports any store of value as a mechanism for exchange on their ledger.
"I spent years listening to banking executive's concerns with digital assets. With Vendible, we're addressing those concerns at the transaction level. This opens new opportunities for streamlined commerce while giving consumers ownership of their data.", said Doug Broughton, the CEO of Vendible Labs.
"The opportunity to be part of a value rich ecosystem with Algorand is immense, and our team is ready to accelerate new business models, applications, and partnerships on the Algorand platform", said Gwin C. Scott, the COO of Vendible Labs.
"We are very excited to partner with Vendible through our Grants program and welcome Vendible to the Algorand Ecosystem ", said Sean Lee, CEO of the Algorand Foundation. Addie Wagenknecht, Head of Global Ecosystems and Technical Operations at Algorand Foundation stated, "Vendible flips the current payment modeling structures by offering "at cost" services to financial institutions along with lucrative non-interest income. I am excited to see Vendible attracting a large client base of global banking partnerships with their AR/AP automation, utilizing Algorand to support instant foreign exchange settlement at almost no cost to their users ".
Algorand Foundation is proud to support Vendible's project with funding through the Algorand Foundation Grant program. For more information on Vendible, please visit https://vendible.org/ or contact Gwin Scott at [email protected] If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.
Vendible is an early stage, next generation financial services and payments solution that helps businesses and banking institutions most effectively manage and leverage their digital assets. Vendible powers frictionless transactions in speeding settlements, reducing costs, securing data, and opening up access to millions of users who incur massive fees for operating outside of the banking system. We secure the financial and personal data of the merchants and consumers we serve by using decentralized credentialing and identification system. Every engagement and point of contact maintains complete control of their data.