SEBA Bank, the institutional grade digital asset banking platform with a Swiss FINMA banking and securities dealer license, together with its partners Banque Internationale à Luxembourg and LuxCSD, today announce that they have successfully completed their CBDC experiment with Banque de France.
The alliance, led by SEBA Bank, performed the Delivery vs Payment of a listed security with TARGET2-Securities as delivery platform in test environment and CBDC tokens issued by the Banque de France. The confidentiality of transactions was achieved through a protocol that makes use of zero-knowledge proofs in order to encrypt and obscure the values of the CBDC transactions over a public Blockchain.
As a result, the participants successfully demonstrated the ability of distributed ledger technologies to communicate with the Eurosystem’s settlement platform TARGET2-Securities for the settlement of listed securities. The success of this experiment will be an important element of contribution to the Eurosystem’s global reflection on the benefits of CBDC and blockchain technologies to improve payment and settlement of transactions.
Matthew Alexander, Head Digital Corporate Finance SEBA Bank states: “We are delighted to have led the successful completion of this experiment with the Banque de France and to have leveraged SEBA Bank’s institutional grade digital assets platform infrastructure to support Banque de France in this important development and contribution towards the possibility of a Digital European currency.”
SEBA Bank would like to thank Banque de France for its trust and its partners Banque Internationale à Luxembourg and LuxCSD for their engagement and contribution to the success of the experiment.
About SEBA Bank – The Future of Digital Banking, Investing & Financing
Founded in April 2018 and headquartered in Zug, SEBA Bank is a pioneer in the financial industry and is the only global smart bank providing a fully universal suite of regulated banking services in the emerging digital economy. In August 2019, SEBA Bank received a Swiss banking and securities dealer licence – the first time a reputed, regulatory authority such as FINMA has granted a licence to a financial services provider with a core capability in digital assets. The broad, vertically integrated spectrum of services combined with the highest security standards, make SEBA Bank’s value proposition unique – this is why Banque de France selected SEBA Bank to test the integration of Central Bank Digital Currency (CBDC). CVVC Global Report and CB Insights names SEBA Bank as Top 50 Companies within the blockchain ecosystem. Aite Group awarded SEBA Bank with their 2021 Digital Wealth Management Impact Innovation Award in the category “Digital Startup of the Year”.
For more information about SEBA Bank, please visit our website.
About Banque Internationale à Luxembourg (BIL)
Founded in 1856, Banque Internationale à Luxembourg (BIL) is the oldest multi-business bank in the Grand Duchy. It has always played an active role in the main stages of development of the Luxembourg economy. It currently operates in retail, private and corporate banking, as well as on financial markets. Employing more than 2,000 people, BIL is present in the financial centres of Luxembourg, Switzerland, Denmark, and China.
www.bil.com
About LuxCSD
LuxCSD is jointly owned by the Central Bank of Luxembourg (Banque centrale du Luxembourg) and Clearstream, Deutsche Börse Group’s post-trading services provider. As central securities depository (CSD), it serves as a national access point to TARGET2-Securities (T2S), allowing seamless interoperability across T2S markets. LuxCSD provides custodians and distributors across Europe with issuance, central bank money (CeBM) settlement and asset servicing for debt, money market and equity instruments, as well as investment funds. LuxCSD also provides Legal Entity Identifier (LEI) services in 37 jurisdictions around the world as a Local Operating Unit (LOU) accredited by the Global Legal Entity Identifier Foundation (GLEIF).
www.luxcsd.com
HedgeThink.com is the fund industry’s leading news, research and analysis source for individual and institutional accredited investors and professionals
