The Swiss startup Liquineq has presented bank transfer platform protected by blockchain. The developers claim that it can handle million transaction per second.

Cryptocurrency security has its own price and it’s the speed of the transactions. Bank clients are not happy to wait for minutes or longer than that for transaction approval and confirmation. Liquineq team is sure they can fix the time issue blockchain has. However, startup is not going to replace banks, other way around they are going to partner up with them.

Moti Birger, the head of Liquineq, says that company is able to manage different currencies stored in one digital wallet meeting all the anti money laundering and tax evasion laws. It can also support mobile and desktop apps with the high level os security.

The client is able to set an account in the bank through Liquineq system by answering a couple of simple questions. Debit card can be linked to the account and can be accessed any time. If a client lost his access to the digital wallet, company is going to freeze the money so nobody can access it, after that it will be returned to the owner, VentureBeat reports.

Before sharding is implemented, Liquineq can provide 10 000 transactions per second. After it’s done it will increase it up to 50 000 per second. Birger claims that it will reach 1 000 000 transactions when the network of countries hits 200.

It’s way more than what Bitcoin or Ethereum have because they can currently provide 10 transaction per second only.

Liquineq meets all the General Data Protection Regulation accepted in the European Union.