Blockchain
Nabatech To Build CBDC Solutions On Polkadot’s Substrate Blockchain
Nabatech Chooses Polkadot’s Substrate for Central Bank Digital Asset Platform
Nabatech, a Swiss digital asset specialist, has selected Polkadot’s Substrate blockchain framework to develop its digital asset platform, aimed at serving central banks and financial institutions.
In-Depth Evaluation Process
Nabatech, a joint venture between SICPA—a leading cash cycle expert for central banks—and INX, a US-regulated asset tokenization platform, conducted an extensive analysis of seven potential blockchain platforms before deciding on Substrate. The evaluated platforms included Ethereum, Hyperledger Fabric, Cosmos, and Polygon. The selection criteria encompassed Sybil resistance, coding language, runtime, security, governance, interoperability, and business process integration.
Why Substrate?
According to Nabatech CTO Paz Diamant, Substrate’s flexible and modular design stood out during the evaluation. “Substrate’s framework can be quickly adjusted to suit any business or technical requirement, flexibly, without compromising on security or scalability,” stated Diamant. This adaptability makes Substrate ideal for supporting various digital assets like central bank digital currencies (CBDCs), digital bonds, and stablecoins.
Strategic Use and Benefits
Nabatech’s platform, built on Substrate, is already functioning as a sandbox environment for central banks, providing critical infrastructure solutions. Key benefits include:
– Security and Stability: Essential for central banks and financial institutions.
– Modular Structure: Allows customization to align with specific monetary policies and financial strategies.
– Retail and Wholesale Transactions: Supports both types of CBDC transactions.
– Lifecycle Management: Enhances currency supply, transfer, settlement processes, and sovereign compliance optimization.
Growing Interest in CBDCs
The interest in developing CBDCs is growing globally. For instance:
– Rwanda has announced plans to launch its CBDC within two years, aiming to improve financial inclusion and provide a safe alternative to cash.
– Ripple Partnerships: Ripple CEO Brad Garlinghouse revealed collaborations with nearly ten governments to develop their CBDCs using Ripple’s blockchain technology.
Nabatech’s selection of Polkadot’s Substrate framework underscores the platform’s robust capabilities in security, scalability, and flexibility, making it a preferred choice for developing sophisticated digital asset solutions for central banks and financial institutions. This move is a significant step towards modernizing financial infrastructures and supporting the global shift towards digital currencies.
Source: cryptodaily.co.uk
The post Nabatech To Build CBDC Solutions On Polkadot’s Substrate Blockchain appeared first on HIPTHER Alerts.
Blockchain
Switzerland Regulatory Technology Business Report 2024: Market to Surpass $550 Million by 2029, Driven by Collaborative Opportunities and Data Privacy Solutions
Swiss RegTech Market
Following a management buy-out by the management team at TOKO FZE, the business has been rebranded as Scintilla, the revolutionary platform providing on-chain solutions and services to make investments more inclusive, accessible, and efficient. Having been developed within DLA Piper’s Law& innovation portfolio, TOKO – now Scintilla has a fresh brand identity, new leadership, and innovative product offerings. Scintilla is set to reshape the future of finance by enabling businesses to unlock the power of blockchain technology across various asset classes, with DLA Piper remaining as a minority shareholder.
Regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla is one of the first digital asset companies to gain full market licenses, marking a significant milestone in the sector’s landscape. Being a regulated entity underscores Scintilla’s commitment to the highest standards of compliance and security while pioneering new solutions for tokenization in the global market.
Innovating Finance Through Tokenization
Scintilla offers a comprehensive suite of tokenization services designed to bring liquidity, transparency, and efficiency to traditional finance sectors. From tokenized financial products, and real estate all the way to new legal funding products, Scintilla’s digital asset solutions enable clients to tokenize assets that were previously inaccessible to investors or illiquid.
Scintilla’s services include:
Advisory Services: The gateway to successful market entry. From initial opportunity assessment to strategic development of game-changing tokenization-based solutions.
Use Case Development: Bringing products to life. From initial POC development and iteration towards MVP all the way through to the full market launch.
Broker/Dealer Services: Creating new markets. Regulated primary market trading, ensuring the highest levels of trust and security within the tokenization space.
Exchange Services: Universal participation. Seamless, secure secondary trading of tokenized assets, with industry-leading technology and compliance standards.
Scintilla is uniquely positioned to capitalize on the confluence of Dubai’s world-leading regulatory environment, cutting-edge technology, and the burgeoning RWA market.
A New Era for Scintilla
The relaunch of Scintilla represents more than just a rebranding—it signifies the company’s growing ambition to lead in the digital asset space. With an expanded team of industry experts, including continuing Board representation from DLA Piper, and a clear strategic vision, Scintilla is set to drive the adoption of tokenization in traditional financial markets.
“Our relaunch marks the beginning of an exciting new chapter for Scintilla and the wider industry. We are committed to pushing the boundaries of what is possible in digital finance while ensuring our solutions are underpinned by strong regulatory compliance,” said Tim Popplewell, CEO of Scintilla. “With our new suite of products and services, we are empowering investors to transform the way they manage and access value.”
Jean-Pierre Douglas-Henry, Managing Director, Sustainability and Resilience, DLA Piper added: “Innovation is a key strand in our business strategy. As our business focuses on developing and nurturing innovations that add significant value to our clients through our Law& innovation program, it is fantastic to see this solution spun out into the thriving digital asset space for the next stage of its growth and development.”
The post DLA Piper’s crypto tokenization engine TOKO relaunches as Scintilla appeared first on HIPTHER Alerts.
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