LHV Bank Develops Wallet App Built on Bitcoin’s Blockchain

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8 June 2015

Estonia’s LHV Bank has backed a project to create a financial services platform and money-transfer app that will utilize bitcoin to facilitate transactions.

The Cuber Wallet app, which is available on both Android and Apple devices, enables users to send and receive euros instantly and free of charge. The experimental system uses the bitcoin blockchain by way of colored coins, according to the bank.

LHV Bank has also announced the creation of an experimental type of digital security. The development of the bitcoin-based certificate of deposit mirrors work conducted in other parts of the world by other institutions like Nasdaq OMX Group Inc that are keen on experimenting with bitcoin.

Swedish company ChromaWay AB, which focuses on colored coin technology, assisted with the creation of the Cuber platform. Developers from a variety of nations worked on the project, including those from Estonia, Ukraine, Sweden, Israel and Russia.

Rain Lõhmus, CEO of Cuber Technology, a subsidiary of LHV Group, said in a statement:

“We hope Cuber can … liberate innovation from organizational borders, truly decentralize it. And true innovation in [the] financial sector will flourish.”

Work on the project began last year, as indicated during an interview with LHV head of retail banking Andres Kitter. At the time, Kitter told CoinDesk the bank saw the initiative as a way to “explore what could be built on top of the underlying technology”.

The money transfer app is currently undergoing testing and is free for download, but currently comes with deposit restrictions. LHV is planning to undertake beta tests of the app sometime this fall.

Currency web image via Shutterstock