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The Short And Long-Term Bull Cases For Ethereum zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
Inter-American Development Bank Teams Up With CITI Innovation Labs For Cross-Border Payments Over Blockchain
Inter-American Development Bank (IDB) announced on Thursday it has teamed up with
CITI Innovation Labs to create cross-border payments from the U.S. to countries in Latin America and the Caribbean using blockchain and tokenized money. According to IDB, The LACChain Blockchain Network-enabled several disbursements from the IDB Headquarters in Washington D.C. to a recipient in the Dominican Republic.
Founded in 1959, IDB partners with its nearly 50-member countries to provide Latin America and the Caribbean with research about relevant development issues, as well as policy advice to inform their decisions and technical assistance to improve on the planning and execution of projects.
Citi Successfully Tests Cross-Border Payments Pilot with IDB Using LACChain coinspeaker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coinspeaker.com Daily Mail and Mail on Sunday newspapers.
News
Banking giant Citigroup has successfully completed a proof-of-concept for blockchain-based cross-border payments in collaboration with the Inter-American Development Bank, or IADB.
According to a Thursday announcement, Citigroup’s Citi Innovation Labs and the IADB enabled several disbursements from the United States to a recipient in the Dominican Republic, using the LACChain blockchain network a proprietary effort by IADB’s regional program LACChain.
As part of the project, the IADB deposited tokenized funds denominated in U.S. dollars in a Citi account and transferred the funds using digital wallets, IADB’s blockchain specialist and LACChain technical leader Marcos Allende explained. “After tokenized, these funds were converted to local currency Dominican pesos with the exchange rate established by Citi,” he said.