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Ex-Visa managing director joins blockchain-supported Nuggets

Former managing director of Visa, Kevin Jenkins, has given his backing to blockchain payments and identity brand Nuggets, and become the company's non-executive director.

Nuggets has been rolling its platform out across the globe, recently making significant progress in China where it announced a partnership with QFPay, the Chinese payment provider used by Asian commerce giants Alipay and WeChat.

The arrival of Jenkins to the board has been described by Nuggets as significant thanks to what CEO Alastair Johnson described as his “amazing reputation for establishing partnerships with financial institutions, technology partners, retailers and eCommerce providers”. 

“He’ll help us build the relationships we need to roll out the product as quickly as possible,” noted Johnson.

Nuggets describes itself as an eCommerce payments and ID platform, which stores users’ personal and payment data securely in the blockchain, meaning it never has to be shared with anyone – not even Nuggets itself.

The company says its platform reduces the chance of data breaches because organisations no longer need to store customer data.

Jenkins said: “The current model of businesses holding personal information is broken.

“It needs fundamental change, study after study shows that customers are frustrated by the payments journey: the many steps they have to take, and the security fears. For decades, the payments industry has been trying to achieve a balance between security and convenience. What impresses me so much about Nuggets is that it manages to optimise both.”

He added: “I’m convinced that every stakeholder in the payments ecosystem, from customers to retailers, will embrace Nuggets. I’m incredibly excited to be part of a genuine revolution.”

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