• Sat. May 21st, 2022

eCurrency and cLabs lay the groundwork for central bank digital currency on Web3

ByHazel R. Lang

Apr 11, 2022

eCurrency enables central banks to mint and issue CBDC bearer instruments to financial intermediaries in accordance with existing legal and operational frameworks; Jamaica’s CBDC, Jam-Dex, was activated by eCurrency earlier this year. The company facilitates the immediate finality of settlement between parties connected to any payment network.

“After seeing how Celo has opened up new opportunities for end users, such as access to loans and savings, it’s only natural that cLabs extends the use case to CBDCs so that all citizens can benefit. benefits of the Web3 ecosystem,” said Tim Moreton, CEO, cLabs. “The cLabs team is excited to partner with such a trusted CBDC provider as eCurrency as central banks expand their thinking on digital currencies.”

The public sector team at cLabs, which has worked on blockchain-enabled digital currency solutions with central banks and NGOs, and eCurrency, will together bring the most advanced blockchain and CBDC solution to central banks and the financial services industry worldwide to deliver the full promise of digital currency services to citizens and businesses for both retail and wholesale use cases.

“I’m excited about this collaboration. Recognizing the impact of the CBDC, we see huge potential in building Web3. With mobile Web3 and the CBDC secure, we have the opportunity to really jump into a financially and digitally inclusive future. “, added Jonathan Dharmapalanfounder and CEO of eCurrency.

About e-currency:
eCurrency Mint (eCurrency) is a research, development and operations company founded in 2011 with a mission to enable central banks to securely and efficiently issue digital fiat currency to work with banknotes and coins. eCurrency pioneered the world’s first end-to-end solution for the issuance and circulation of central bank digital currency bearer instruments using the Digital Symmetric Core Cryptography (DSC3) Technology. By enabling more secure and efficient digital transactions, eCurrency supports the enormous economic opportunities presented by the global transition to digital payments, including increased transaction efficiency, financial inclusion and economic growth.

About Celo and cLabs:
Celo is a carbon-negative Layer 1 protocol with a rich ecosystem of global partners building Web3 applications, including in DeFi, NFT, and payments, in support of Celo’s mission to create a more accessible and inclusive global financial system . Accessible to anyone with a smartphone, the Celo ecosystem consists of a decentralized blockchain and proof-of-stake (Celo protocol) technology stack, the CELO token, and stablecoins (cUSD, cEUR, cREAL). Additionally, the ecosystem is supported by the Alliance for Prosperity, which consists of more than 150 mission-aligned Celo Foundation members worldwide, including Deutsche Telekom, PayU, Opera, Andreessen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to the growth and development of the Celo ecosystem. For more information, visit the Celo Foundation.

SOURCE eCurrency Mint Inc.


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