Collaboration signals a change in gear as CBDCs enter the Web 3 era
OAKLAND, Calif., April 11, 2022 /PRNewswire/ -- eCurrency, a leading security technology solution provider that enables central banks to issue central bank digital currency (CBDC), today announced a joint commitment with cLabs, a service organization dedicated to growing and developing the Celo ecosystem, to integrate decentralised finance and Web3 with CBDC. Both cLabs and eCurrency are mission-aligned in their efforts to create the most digitally connected, secure, efficient, and financially inclusive financial infrastructure.
eCurrency enables central banks to mint and issue CBDC bearer instruments to financial intermediaries in compliance with the existing legal and operational frameworks; the Jamaican CBDC, the Jam-Dex, was enabled by eCurrency earlier this year. The company facilitates immediate settlement finality between parties connected to any payments network.
"After seeing how Celo has opened new opportunities for end users, such as access to loans and savings, it's only natural that cLabs extend the use case to CBDCs so that all citizens can experience the benefits of the Web3 ecosystem," said Tim Moreton, CEO, cLabs. "The cLabs team is excited to collaborate with such a trusted CBDC provider as eCurrency as central banks develop their thinking on digital currencies."
The cLabs public sector team, which has been working 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 around the world at large to deliver the full promise of digital currency services to citizens and businesses for both retail and wholesale use cases.
"I am excited about this collaboration. Recognizing the impact of CBDC, we see tremendous potential in building towards Web3. With mobile enabled Web3 and secure CBDC, we have the opportunity to truly leapfrog into a financially and digitally inclusive future," added Jonathan Dharmapalan, founder and CEO of eCurrency.
eCurrency Mint (eCurrency) is a research, development and operational company founded in 2011 with the mission to enable central banks to securely and efficiently issue digital fiat currency to operate alongside notes and coins. eCurrency has pioneered the world's first end-to-end solution for central bank digital currency bearer instrument issuance and circulation utilizing the Digital Symmetric Core Currency Cryptography (DSC3) technology. By enabling more secure and efficient digital transactions, eCurrency supports the huge economic opportunities presented by the global shift towards 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, NFTs, 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, proof-of-stake blockchain technology stack (Celo Protocol), the CELO token, and stablecoins (cUSD, cEUR, cREAL). Additionally, the ecosystem is supported by the Alliance for Prosperity, which consists of over 150 mission-aligned Celo Foundation members around the globe, including Deutsche Telekom, PayU, Opera, Andreessen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to growing and developing the Celo ecosystem. For more information, visit the Celo Foundation.
SOURCE eCurrency Mint Inc.