ECCB to pilot blockchain technology

The technology promises to provide digital payments and settlements platform with high level of fault-tolerance and security
17 March 2018   671

Eastern Caribbean Central Bank and fintech company Bitt, Inc. (Barbados) have announced their partnership to pilot a blockchain technology among the member countries of Barbados. Pilot testing of the blockchain technology is going to focus such segments of the banking system as Know Your Customer, Anti-Money Laundering and Combating the Financing of Terrorism. Another key purpose of the tests is establishing Eastern Caribbean digital currency on par with the physical one.

This FinTech pilot is part of the Bank’s Strategic Plan 2017-2021. The aim of the pilot is to ascertain the suitability of blockchain technology to help boost economic growth and competitiveness in the region consistent with the ECCB’s monetary and financial stability objective.

 

Timothy N.J Antoine

Governor, ECCB

As for the member countries as a testing ground, those are Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines. Bitt, Inc. will conduct the pilot testing under the supervision of ECCB in 2018. Such project is not new for the fintech company: in February the company agreed to develop a digital payments platform for the island Montserrat that happens to also be in Caribbean region.

We are proud to collaborate with the ECCB in the development of this pilot study to explore technological solutions to some of the all too real problems affecting the region, its institutions and most importantly its people.

 

Rawdon Adams

CEO, Bitt Inc.

The blockchain technology attracts the attention gradually in terms of a fusion between financial institutions and fintech companies, for instance in Lithuania, South Africa, Sweden.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.