LHV Bank Develops Wallet App Built on Bitcoin’s Blockchain

Estonia’s LHV Bank has backed a project to create a financial services platform and money-transfer app that will utilize bitcoin.

AccessTimeIconJun 8, 2015 at 3:58 p.m. UTC
Updated Sep 11, 2021 at 11:43 a.m. UTC

Estonia’s LHV Bank has backed a project to create a financial services platform and money-transfer app that will utilize bitcoin to facilitate transactions.

The Cuber Wallet app, which is available on both Android and Apple devices, enables users to send and receive euros instantly and free of charge. The experimental system uses the bitcoin blockchain by way of colored coins, according to the bank.

LHV Bank has also announced the creation of an experimental type of digital security. The development of the bitcoin-based certificate of deposit mirrors work conducted in other parts of the world by other institutions like Nasdaq OMX Group Inc that are keen on experimenting with bitcoin.

Swedish company ChromaWay AB, which focuses on colored coin technology, assisted with the creation of the Cuber platform. Developers from a variety of nations worked on the project, including those from Estonia, Ukraine, Sweden, Israel and Russia.

Rain Lõhmus, CEO of Cuber Technology, a subsidiary of LHV Group, said in a statement:

“We hope Cuber can ... liberate innovation from organizational borders, truly decentralize it. And true innovation in [the] financial sector will flourish.”

Work on the project began last year, as indicated during an interview with LHV head of retail banking Andres Kitter. At the time, Kitter told CoinDesk the bank saw the initiative as a way to "explore what could be built on top of the underlying technology".

The money transfer app is currently undergoing testing and is free for download, but currently comes with deposit restrictions. LHV is planning to undertake beta tests of the app sometime this fall.

Currency web image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.