Tembusu Acquires Funding For Development

TRUST System – Tembusu Reputation-based Universally Secure Transaction System.

In a recent press release Tembusu, the company responsible for the development and installation of Singapore’s first bitcoin ATM, announced raising S$1.2 million USD. $1 million came from an unnamed Singapore listed company firm. It is the largest investment into Bitcoin Singapore has yet seen.

“This relatively large investment in cryptocurrency technology is the first by a listed company in the region and comes at a crucial time as governments and companies begin to seriously consider various levels of cryptocurrency adoption.”
— – Tembusu Systems

The TRUST Framework is described as a next-generation distributed blockchain technology which aims to address adoption by individuals, and organizations including banks and governments.

“Our platform introduces proof-of-identity for accounts, which makes for better integration with existing systems and governments. We’re also including prepaid wallets and a reputation system to improve the user experience.” Said Andras Kristof, Co-founder and CEO of Tembusu Systems.

According to the press release, Tembusu has taken into account Bitcoin’s adoption history, “which has had a difficult time gaining traction in many countries because of how its complete anonymity can be misused for criminal activities. Users also face the risk of irrecoverable losses if accounts are hacked or if data on their computers is destroyed. TRUST has a built-in system that enables account recovery.”

According to the Tembusu Systems website, one key focus is government adoption. The proof-of-identification feature targets governmental  accessibility;

“Every user on the TRUST network is a real and identifiable person. While accounts are anonymous by default, authorities can unveil identities to investigate suspicious activity.”
—  – Tembusu Systems

The website specifies a use case for governmental oversight , “Every financial transaction done by every TRUST user is kept on one shared universal ledger, so taxes can be easily filed and verified. This also eliminates the ability for anyone to make false claims,” states Tembusu. This will allow for taxation on cryptocurrency uses simpler.

The site goes on to highlight the benefits, for governments, “TRUST doesn’t replace traditional money; TRUST integrates it. As an economy’s cryptocurrency becomes widespread, the cost of maintaining and creating physical money will be reduced by using a robust, persistent, low-cost cryptocurrency.”

The project tyargets other areas for disruption, aside for governmental use, cheap international remittance is also mentioned. Remittance has been tackled by the Bitcoin Industry, with Bitspark and MeXBT recently issuing announcements. Remittance companies using Bitcoin are targeting markets across the globe. Singapore alone deals in $10 billion annually in remittance. Tembusu believe that their TRUST System will, “remove nearly all costs and fees, allowing migrant workers and their families to send and receive more money more easily more often.

As well as remittance, the project focuses on the unbanked, “TRUST allows anyone with an Internet connection to easily participate in the global economy. It costs nothing and can be done in minutes. Traditional banking services can be inaccessible or costly for the impoverished,” states Tembusu. Tembusu advises on their website that they will also offer benefits to business operations such as:

• Accounting made easy: TRUST’s infrastructure can keep track of all transactions, credits, and debts in one place. It also serves as an automated clearinghouse with nearly zero costs.
• Offline Payments: Unlike other cryptocurrencies, 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.
• Cashless for less: Cashless payments offer better security for your transactions by removing physical risks like robbery or theft. TRUST lets you enjoy these benefits without having to incur costly credit card or electronic transaction fees.

Behind the Tebusu project are Andras Kristof, Jarrod Luo and Peter Peh who are also supported by an experience team of advisors including; Mikkel Larsen, Managing Director of DBS; Prof. David Lee, Professor of Quantitative Finance (Practice) at SMU; Sim Kee Boon, Institute for Financial Economics, ; Prof. Yanis Varoufakis, Professor of Economic Theory at the University of Athens and a private consultant for Valve Corporation.

Prof.Yanis Varoufakis, the recently appointed Greek Finance Minister and a professor at the Univeristy of Athens, states;

“We see massive potential in how the TRUST platform can be used by corporations and financial institutions. We are looking at what may well be a paradigm shift in accounting, commerce and banking, and are encouraged because this round of funding shows the strength and relevance of the technology,”
— – Varoufakis