Concordium partners with Ukrainian Start-Up Bank of Memories to Future-Proof Family Heritage

Bank of Memories’ integration with Concordium enables the encryption of personal data and preservation of memories on the blockchain for future generations

June 15, 2023

Concordium, the Layer 1, science-backed blockchain creating a safer digital world, today announced a partnership with the Ukrainian start-up Bank of Memories, a blockchain-based platform affording users the ability to store and encrypt personal data on-chain, preserving family heritage. This partnership will bridge the Bank of Memories chain with Concordium, enabling Bank of Memories’ users to stake tokens on Concordium, pass yields from staked tokens onto their families, and store and share unique, personal NFTs on Concordium’s ecosystem.

Bank of Memories allows for the preservation of digital memorabilia, like photographs, videos and documents, highly personal assets previously vulnerable to the discretion of centralized technology providers and their data policies. The platform helps users design a fully-fledged digital identity based on their own lived memories while keeping data secure through decentralized storage. Concordium is expanding the capabilities of Bank of Memories’ service by enabling NFT storage on its tested and compliant chain, with greater ID and security credentials that bolster the safety of these memories.

Holger Fischer, Concordium’s Blockchain Business Analyst, said,

“The idea of Bank of Memories stems from deeply personal circumstances. When Iryna and Andrii Melanchyk, now COO and Co-Founder of Bank of Memories, found out that Andrii’s mother had Parkinson's disease, they began to search for a trusted, convenient, and quick way to save memories and important information about her. They found their answer in blockchain and founded Bank of Memories. Despite huge external challenges, nothing could derail the project. Concordium seeks partnerships with resilient projects that deliver value and real-world use cases, and we are thrilled to integrate our privacy and identity technology with Bank of Memories.”

As a multi-service for capturing memories for future generations and future-proofing personal data storage, Bank of Memories is building a global culture of social capital accumulation in the form of memories, medical information, crypto, and NFTs. Bank of Memories’ users can already grow their family metaverse by building family and friends trees, storing voice memos, sending time capsules with memories and cryptocurrency, and staking crypto for yield that will be inherited by those within their family tree.

Iryna Savytska, CEO of Bank of Memories, said:

“Partnering with the first blockchain with an ID layer means our users can rest assured their most treasured memories are preserved, secure and accessible. Concordium was the first protocol to quickly support Ukrainian Web3 entrepreneurs. Concordium has shown steadfast confidence in the vitality of blockchain innovation, while illustrating the need for genuine user-based ownership without the influence of big tech’s data monopoly.”