Startup Corner: Cryptofinance software company Stash, Inc. to create smart contracts for digital currency law firm Selachii
Digital currency law firm Selachii has announced that it is to create smart contracts using Stash, Inc. which was launched this year and has promised to disrupt the Bitcoin market by removing the need to trust intermediaries.
Stash was launched in Texas and its platform claims to “solve the Mt.Gox problem” by eliminating the need to store user funds, as well as automating legal and financial contracts within the digital currency market. Mt. Gox was a bitcoin exchange based in Tokyo that launched in July 2010 but suspended trading in February 2014, with bitcoins to the value of around $450m missing, many likely stolen.
Partner at Notting Hill-based boutique Selachii, Richard Howlett, who specializes in litigation stemming from the collapse of Mt. Gox, said: “The Stash platform is ideal for the agreements we want to automate. Smart contracts need to be well-vetted before they’re put into operation, and we’re seeing demand for quality digital contracts. Our aim is to establish ourselves as the top brand in this new and growing legal sector.”
Chris Odom, co-founder of Stash, said: “Each individual smart contract, whether it’s an escrow agreement or anything else, must be carefully designed and tested in simulation before it’s used in real-world applications. Lawyers who have Bitcoin and digital expertise are ideal for designing and creating these contract solutions using the Stash platform.”
On top of smart contracts, Stash’s platform covers unforgeable receipts, recurring payments, Bitcoin integration, off-blockchain transactions, and currency issuance onto the blockchain.
Stash is working closely with Selachii, an alternative business structure founded in 2013, on European company formation and navigating country-specific regulatory hurdles regarding Bitcoin and crypto-coin integration with enterprise customers of Stash.