Crypto: Wecan revolutionizes the Swiss banking sector - Interview with its COO

Located in the heart of Geneva, Wecan establishes itself as a pioneering Swiss company specialized in the development of advanced IT solutions leveraging blockchain technology. Its mission is to revolutionize information storage and exchange by offering a suite of sophisticated products that combine efficiency and security.

Its clients are primarily institutions highly sensitive to security issues, especially in the financial sector. The clientele of Wecan includes private banks, wealth managers, trustees, as well as luxury hotels, all seeking reliable and secure solutions for managing their data.

In terms of positioning, Wecan could be compared to Ripple, but in the field of information exchange. Whereas Ripple is revolutionizing monetary transactions, Wecan is innovating in the secure transfer and management of information.

To better understand this dynamic company and its impact on the banking sector, we met with Nathan Douet, COO of Wecan, to delve deeper into their vision and achievements.

Cointribune: Wecan has experienced a meteoric rise since its inception. Can you tell us more about the key factors of this success?

The rapid success of Wecan is mainly based on our unique co-creation approach with our clients. This method allows us to precisely target business issues and provide solutions that are perfectly adapted to the needs of the stakeholders.

A crucial element of our success is our close collaboration with the Blockchain Association for Finance, a consortium of leading financial institutions. This partnership is essential to unify the needs of banks and wealth managers and to establish efficient data exchange standards, while ensuring compliance with the highest security norms. Representatives from renowned banks such as Pictet, Lombard Odier, Edmond de Rothschild, Julius Bär, and wealth managers like NS Partners or Prime Partners actively participate in our bi-monthly meetings.

Our technology is also a cornerstone of our success. Our distributed technological architecture ensures maximum security, giving each client exclusive control over their data. The information is encrypted during storage and exchange, and only our clients possess the access keys. This approach distinctly sets us apart in the market.

Finally, the use of blockchain in our products assures unmatched auditability. Each data exchange generates a hash recorded on the blockchain, using our WECAN token to anchor the digital proofs.

Cointribune: Can you describe Wecan in three words and explain these choices?

Institutional, Entrepreneurial, Confidential – these three terms summarize perfectly the essence of Wecan.

“Institutional” reflects our primarily renowned institutional clientele, who demand a high level of security. The complexity of their needs has driven us to develop sophisticated solutions and to adopt a rigorous institutional communication, making it one of our major strengths.

“Entrepreneurial” denotes our entrepreneurial spirit at Wecan. Driven by the ambition to challenge the status quo and transform data management, we are constantly motivated by our passion for innovation.

“Confidential” emphasizes that confidentiality is at the heart of our offering. By returning control of their data to users, we firmly commit to confidentiality, not only for businesses but also, in the long term, for individuals.

Cointribune: How is Wecan transforming the banking sector?

The revolution of Wecan in the banking sector revolves around mutualization. Faced with increasingly complex IT systems, constantly evolving regulations, and a heightened risk of cyberattacks, banks find a unique answer in our collaborative solution.

Our ecosystem encourages banks to pool the development and implementation of solutions to meet these challenges. By sharing their experiences and collaborating on non-competitive aspects, they can reduce costs and jointly improve their compliance and security standards.

This mutualization model is innovative because it turns individual challenges of banks into collective opportunities for improvement and innovation. By promoting collaboration between institutions, Wecan plays a key role in the positive and sustainable evolution of the entire banking sector.

Cointribune: How does Wecan incorporate blockchain to meet the specific needs of its clients?

Wecan uses blockchain in an innovative way, mainly to strengthen auditability and security, crucial aspects for our clients. Blockchain ensures impeccable transparency and traceability of actions and exchanges made through our applications.

For example, with Wecan Connect, our instant messaging platform, each message sent triggers the creation of a unique hash, a kind of digital fingerprint of the message. This hash is permanently recorded on the blockchain, thus providing an indisputable legal proof of the existence and content of the message at a specific moment, while preserving its confidentiality.

This method of secure and verifiable recording of each significant action is essential, especially in the banking sector where the integrity and security of information are of utmost importance.

Cointribune: The WECAN Token is an integral part of your offering. How does this token contribute to your vision of transforming the banking sector?

The WECAN Token is pivotal to our strategy for transforming the banking sector. As a utility token, it resides at the heart of our ecosystem, easing our clients’ access to our services. For each transaction or significant action recorded on the blockchain, such as validating an operation or creating a digital proof, the WECAN Token is required. This system is analogous to the ‘gas fee’ concept on Ethereum, providing a transparent and efficient cost structure.

Cointribune: Could you describe Wecan’s outlook for 2024, in 5 years, and in 10 years?

By 2024, Wecan aspires to become the undisputed leader in the field of blockchain solutions for the financial sector and beyond, reaching the private customer sphere. We aim to expand our international market presence and get even closer to the end clients. Concurrently, we will continue enhancing the security, performance, and ergonomics of our solutions to meet the emerging challenges of the financial industry.

In five years, our goal is to revolutionize how financial institutions interact and manage their data. We plan to position ourselves at the forefront of integrating artificial intelligence and other emerging technologies into our blockchain solutions, thereby offering more personalized and efficient services.

In a decade, we envision Wecan as a key player in the digital revolution of the financial sector. We aspire to be not only a leading provider of technological solutions but also a pioneer in establishing new standards for managing financial data. At this stage, Wecan will have extended its influence beyond the banking sector, bringing our blockchain solutions to other areas of finance and potentially to other industries, thereby redefining the standards of data privacy, security, and efficiency in an ever-evolving digital economy.

In conclusion, the future of Wecan looks promising and innovative. With its commitment to blockchain technology and a visionary approach, Wecan is on track to redefine the financial sector landscape. By focusing on security, customization, and the integration of advanced technologies like artificial intelligence, Wecan is not just following current trends, but strives to be ahead of them.

Their ambition to become a leader in providing blockchain solutions for the financial sector and beyond is clearly charted. With plans for international expansion and a determination to transform how financial institutions handle and interact with data, Wecan positions itself as a pivotal player in the digital revolution of the financial industry.