Went looking at who actually builds this. I do that less often than I should.
Emanuele Francioni as founder and CEO. Fulvio Venturelli as founder and CIO. Hein Dauven as CTO. Dmitry Khovratovich listed as lead cryptographer. Marta Bellés Muñoz as head of research.
What struck me is that the cryptography is in house rather than licensed or borrowed. Hedger was developed internally. Phoenix and Zedger came out of their own research.
That is unusual. Plenty of projects assemble existing primitives and ship a product. Fewer employ the people who publish the papers.
The reason I think it matters for regulated settlement is that you cannot buy a privacy layer that satisfies a supervisor. The requirements are strange and jurisdiction shaped. Someone has to design against them rather than adapt something built for a different purpose.
The caveat is that in house research is also slower and harder to audit externally. Novel cryptography carries risk that well studied cryptography does not....
does building your own cryptography read as strength or as risk to you
@Dusk #dusk $DUSK