With over 10 trillion of paper cash in circulation and over 93percent of central banks exploring and piloting CBDCs introducing a digital version of cash, the CBDC Innovation Kit provides fintechs a set of tools with which to begin their discovery of the possibilities of a digital cash infrastructure.
Leveraging a public distributed ledger technology (Hedera Hashgraph) as a layer 1 protocol and ERC-20 standard for tokenization,
The APIs allow a fintech company to embed BYDC wallets via their app, test various types of transactions and pull wallet and transaction data from the ledger. This is the company's first CBDC offering to help Fintechs understand what's in it for them with CBDC.
"We're extremely proud to officially announce this flagship CBDC offering for fintechs. Our point of view has been consistent: enabling central banks to safely deploy their CBDC as a digital cash infrastructure, not just a software application can drive inclusion, interoperability and resilience by embracing the growing fintech ecosystems.
From payments, savings to lending and investments, from rideshares to remittances. Imagine if the
"By creating a simulator with the generic name "Beyond Cash" and pre-built APIs ready to use, we bring modern central banking closer to fintechs and we help our central bank clients validate what's possible as part of their exploration."
"This is a first for
CBDC is objectively a hot topic in finance today. There are many questions and theories on what CBDCs are and are not. In our design, we take seriously the concerns on privacy and controls. By launching this innovation kit, we believe we can help showcase how we're designing for trust and adoption. Once established, the industry can solve challenges for the billions of people out of the banking system such as, lack of access to capital and high cost of cross border payments. -
Despite their broad inclusion in
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