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Billon pilots digitised national currency with Raiffeisen Bank

Billon, a UK and Poland-based fintech which stores and transfers regulated currencies usinga proprietary blockchain, has partnered with Austria’s Raiffeisen Bank International (RBI) to pilot a national currency ‘Tokenisation Platform’.The two say they have “successfully tested” an end-to-end digitised national currency transfersproof of concept (POC) – initially called RBI Coin – as part of RBI’s Elevator Lab acceleration programme
The two say they have “successfully tested” an end-to-end digitised national currency transfersproof of concept (POC) – initially called RBI Coin – as part of RBI’s Elevator Lab acceleration programme.
“Billon is a great example of a fintech that understands how to adapt blockchain to serve the needs of banks and their clients,” says RBI’s blockchain hub lead Stefan Andjelic.“Specifically, during the COVID-19 situation, banks need to partner with fintechs to innovate faster and help clients with payments processing and liquidity needs.”As well as helping firms transact micropayments at scale, 2015-founded Billon also uses blockchain to encrypt documents and data on-chain.Its partnership with RBI is a win for the start-up,and may one day see its services extended to all 16.7 million of the bank’s customers.
The Bank uses Billon’s ‘Digitised Distributed Cash’ system, making it a legitimate tokenisation of national currency.The test marks the initial phases of an ‘RBI Tokenisation Platform’, which will now be piloted to achieve real use cases, such as real-time tokenised money transfers, or improving the cut-off time for custody customers.If the pilot is successful, the project “could be deployed in Central Eastern European (CEE) countries where RBI operates”, the companies say in a statement.The private project offers an alternative to those being worked on publicly by central banks across the globe trying to move towardsthe creation of central bank digital currency (CBDC).

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin54,108 0.78 % 4.25 % 14.89 %
Ethereum2,359.6 0.68 % 1.40 % 2.40 %
Binance Coin547.22 1.98 % 5.45 % 1.07 %
Tether0.9971 0.23 % 0.32 % 0.41 %
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Cardano1.210 0.79 % 3.79 % 14.84 %
XRP1.300 1.84 % 6.13 % 27.14 %
Uniswap33.39 1.45 % 4.63 % 5.96 %
Litecoin258.29 0.52 % 1.96 % 3.00 %
Chainlink36.44 1.04 % 6.30 % 2.20 %