COTI Foundation partners with PayPal and Fireblocks to advance Israel’s central bank digital currency （CBDC） initiative, the Digital Shekel. This collaboration marks a significant milestone for COTI in the CBDC space.
Points
- COTI partners with PayPal and Fireblocks for Israel’s Digital Shekel project.
- The initiative highlights COTI’s role in advancing CBDC technology.
- Focus on privacy, confidentiality, and technological advancement.
- The Bank of Israel’s renewed focus on CBDC due to technological and market trends.
The COTI Foundation has partnered with industry giants PayPal and Fireblocks to work on Israel’s central bank digital currency （CBDC） project, the Digital Shekel. This collaboration marks a significant development for COTI, a Layer-2 scaling solution, as it establishes its presence in the evolving CBDC landscape.
CBDCs are gaining traction globally, with many countries actively developing their own digital currencies. Those not currently involved are expected to join soon, furthering the need for reliable and large-scale blockchain solutions. COTI aims to dominate this emerging market by offering superior functionalities and fostering a community around the Digital Shekel.
The Bank of Israel has been exploring CBDCs for the past six years, with a renewed focus driven by decreasing cash use, the rise of stablecoins, competition in the payment system, and technological advancements. The Steering Committee presented a plan for issuing a central bank digital currency, SHAKED, in April 2023.
The Bank of Israel’s partnership with the Hong Kong Monetary Authority （HKMA） and the Bank for International Settlements Innovation Hub （BISIH） on Project Sela further underscores its commitment to privacy and cybersecurity in CBDC development.
COTI’s involvement in the Digital Shekel project demonstrates its capability to revolutionize the digital currency market with its advanced blockchain solutions. The use of garbled circuits ensures privacy and confidentiality for users, setting a high standard for CBDC implementations.
https://x.com/COTInetwork/status/1815752298322391085
解説
- Strategic Partnerships: Collaborating with PayPal and Fireblocks positions COTI as a key player in the CBDC space, leveraging the expertise of established industry leaders.
- Privacy and Security: The use of advanced cryptographic techniques like garbled circuits ensures user privacy and confidentiality, addressing one of the critical concerns in CBDC adoption.
- Technological Leadership: COTI’s participation in the Digital Shekel project highlights its technological capabilities and commitment to advancing digital currency infrastructure.
- Market Trends: The Bank of Israel’s focus on CBDCs reflects broader market trends towards digital currencies and the need for innovative solutions to meet these demands.