New Partnership: Varengold Bank and Aurachain

Zurich May 2019

Varengold Bank, of Hamburg Germany, has signed an agreement to implement the Aurachain platform across both its Marketplace Banking and International lending lines of business.

Leveraging the Aurachain platform for rapid application development of digital process applications and smart contract applications on blockchain, Varengold intends to create business value on two parallel tracks. The platform will drive accelerated, but controlled scaling of it’s loan portfolio, through process integration with a growing list of marketplace banking partners. It will also be utilized to launch collaborative trust applications on blockchain, for the pursuit of international lending opportunities in both established and emerging economies.

“When assessing the Aurachain platform, there were two important considerations”, said Frank Otten, Board Member of Varengold. “First, to ensure that the product could indeed help reconfigure the way we were engaging with partners and customers across both lines of business and secondly, that it could do so quickly. To prove the latter, Aurachain built and demonstrated one of our target marketplace banking applications in less than a week. Needless to say, we were convinced”

The bank intends to go live with their first application by June 1^st and anticipates the funneling of 100,000 process instances per month by year’s end.

“Aurachain is excited to announce the decision by Varengold Bank to implement our platform” said Jonathan Wiener, CRO of Aurachain. “We consider Varengold’s business and growth models to be both aggressive and innovative and therefore, consider this a tremendous opportunity to serve as a strategic enabler the success of the bank. More so, to align with Varengold as partners in our respective growth.” 

About Varengold Bank

Varengold Bank out of Hamburg Germany provides marketplace banking, international lending and fixed deposit offerings on a global scale.

Within their Marketplace Banking practice, Varengold works in close partnership with Fintech companies to provide both the know how and licensing necessary for the handling of credit transactions across most European countries.

Leveraging extensive expertise and a deep network in International Lending Varengold’s Transaction Banking practice offers products and services in the areas of account, payment transactions and trade finance.

To find out more about Varengold Bank, visit them at www.varengold.de