When it comes to blockchain, trust is a vital construct – not just for the technology to be accepted, but for the players at both ends of the ecosystem.

HEdpAY, an innovative startup with offices in the UK, Canada, Italy and Lithuania, has a vision of creating transparency in banking. It is one of the foundational elements underpinning the promise of blockchain technologies. And according to Vicken Kaprelian, founder and CEO of HEdpAY, while some consumers still trust banks, many more are looking to new horizons.

“Unlike traditional money, crypto is decentralised so it’s outside the control of banks,” says Kaprelian (left). “The banks have therefore largely shunned crypto, which has also come under increasing scrutiny from regulators.

“Traditional banks are seeing the potential value of crypto but bringing them together requires restructuring of legacy systems, adapting to consumer needs and changes to rules and regulations,” Kaprelian adds. “They need to align quickly with projects that connect the traditional bank and the crypto universe.”

Enter, stage left, HEdpAY, which aims to be a virtual currency wallet enabling seamless transaction and transition between cryptocurrencies and fiat money. The company’s goal is to showcase how its futuristic solution “bridges the gap between crypto and traditional banking to revolutionise a financial system that is still anchored to old banking standards,” in the words of Kaprelian.

This is not to say that banks aren’t completely uninterested in what these emerging technologies have to offer. “The real opportunity is about the benefits that blockchain can bring to financial services to bridge the gap between traditional and crypto banks,” says Kaprelian. “Banking and payments companies have already demonstrated major interest in blockchain technology, but I believe HEdpAY’s payment platform is developed to be the first and most authoritative financial structure allowing customers to instantly and safely exchange fiat currency into cryptocurrency or vice versa in the same platform.”

It would not be unfair to say that the past few months have seen troublesome times for the cryptocurrency market at large, with prices plummeting and, according to some analysts, panic setting in. Yet like any market or technology, there needs to be a period of evening out after a stratospheric rise.

This takes the conversation back again to the issue of trust; and in particular that of the ICO. Writing for The Block in March, Drew Bell, chief developer at Ethercoin, noted the importance of building trust in ICOs. “Whilst there can be fraudulent ICOs, businesses and mainstream audiences need educating and to be made aware that ICOs are a viable fundraising mechanism,” Bell wrote.

Despite these perceived troubles – Kaprelian puts it down to the market “becoming saturated with offerings based on yet-to-be-built networks” – the downturn narrative appears to be fake news. According to the Wall Street Journal, ICOs had raised $11.8 billion from the start of this year to May – more than double the amount raised in the whole of last year.

This does not get to the heart of the problem, however. HEdpAY appears to be doing things somewhat differently. “At HEdpAY, we have been investing in the platform since the start of the project as we watched our HEdpAY ICO offering grow,” explains Kaprelian. “We offer two kinds of token – utility token and equity/security token – both will be used within the HEdpAY ecosystem to ensure our team of highly skilled developers complete development work on our revolutionary platform.”

HEdpAY is a diamond sponsor at Blockchain Expo North America, taking place in Santa Clara on November 28-29. The company had a successful Europe event in Amsterdam earlier this year, and is looking forward to unveiling the ‘revolutionary propositions’ of its product to the audience ‘who are at the centre of blockchain innovation.’

Going forward, the company’s ambition remains undimmed. “HEdpAY has an exciting year ahead in terms of the completion of our ICO, the launch of the HEdpAY Exchange and our full set of banking services,” says Kaprelian. “In a year’s time, I would like to see the gap between traditional and crypto banking reduced thanks to the wider benefits that can be realised through blockchain technology.”

You can find out more about HEdpAY’s participation at Blockchain Expo North America by visiting here.

Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.