United Nations building and the nations' flags in Geneva, Switzerland
United Nations building and the nations' flags in Geneva, Switzerland. Shutterstock

The Fantom Foundation is preparing to enter the CBDC market by showcasing its blockchain ecosystem to the U.N. Digital Currency Global Initiative’s (DCGI) CBDC Architecture Group, Fantom said in a blog post on Tuesday.

According to the announcement, Fantom believes that Central Bank Digital Currencies (CBDCs) and stablecoins can significantly improve the “transparency and efficiency” of the current monetary systems. With that belief in mind, Fantom has decided to showcase its blockchain’s ability to operate a CBDC to the U.N. DCGI on 11 March. The CEO of Fantom Foundation, Michael Kong, said in a statement:

“We genuinely believe that our work in the Middle Eastern region will dramatically improve the economies involved and present meaningful opportunities for local citizens. CBDC’s are the next step in the direction of bringing transparency and efficiency to the legacy system.”

Advertisement

The DCGI — a collaboration between the U.N. International Telecommunication Union (ITU) and the Stanford University — has been created to provide an open and neutral platform for knowledge sharing and research on CBDC applications. Its membership is already comprised of 193 member states, more than 700 private sector companies, and 160 academic institutions.

The Fantom Foundation has been focused on creating a highly interoperable, secure, near-zero cost asynchronous byzantine fault tolerant (aBFT) blockchain since 2018. Its “speed, low transaction costs, and high throughput” makes it ideal not only for DeFi applications, but for real-world uses such as CBDC, the foundation claimed.

Fantom’s blockchain has continued to garner interest since the start of the year, with its native token FTM jumping from $0.016 in early January, to almost $0.44 in March. In late Febraury, Fantom also drew the attention of Alameda Research, which acquired a $35 million stake in the ecosystem through the purchase of FTM tokens.

Show Comments

Discussion

avatar