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   834

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.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   108

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.