US-based mobile security solutions provider Rivetz has acquired DISC Holdings, which specialises in the development of mobile blockchain-based payment applications in the UK.
Utilising blockchain and distributed ledger technology, DISC provides a swift, secure and cost-effective payment platform to users. The platform was introduced as part of the UK’s Financial Conduct Authority (FCA) sandbox for innovative payment technology.
The acquisition forms part of Rivetz’s strategy of integrating Trusted Execution Environment (TEE) installed in devices with the record-keeping of blockchain to ensure e-commerce transaction safety.
The combination of Rivetz technology and the DISC platform will allow users to manage and operate their personal digital assets such as identity, budgets, fiat payments and cryptocurrency assets.
It will utilise the decentralised capabilities of blockchain to ensure complete transaction clarity between merchants and their users. Furthermore, the system will also protect user privacy and data.
Rivetz founder and CEO Steven Sprague said: “DISC is providing a proven blockchain-based payment solution for the UK, and we’re enthusiastic to expand the DISC footprint and feature set by leveraging Rivetz technology.
“By combining the strengths of Rivetz and DISC, we plan to set a new bar on the consumer mobile payments experience and simplify consumer access to our ecosystem by growing the services of identity, messaging and blockchain.”
DISC director Robert Kay added: “Our smart-money app is giving rise to a new system of secure money exchange for those outside the mainstream banking system. We are now joining forces with Rivetz to usher in a new era for the secure exchange of goods and services.”