- COTI has been invited to become a Pioneer Partner, demonstrating the increasing recognition of its technology in the CBDC space.
- As a Pioneer Partner, COTI will test its conditional payment privacy solution on simulated ECB infrastructure.
The European Central Bank’s (ECB) initiative to explore technologies for a potential Digital Euro has selected COTI as a Pioneer Partner. In order to provide solutions for a central bank digital currency (CBDC) that is applicable across the euro, COTI will collaborate with the ECB and other partner organizations.
Preparing for the launch of a Digital Euro, an alternative to physical cash that would allow safe, private payments across the $15 trillion economy of the euro area, is the main goal of the ECB initiative. Following earlier collaboration with the Bank of Israel on the Digital Shekel trials, COTI has been invited to become a Pioneer Partner, demonstrating the increasing recognition of its technology in the CBDC space.
As a Pioneer Partner, COTI will test its conditional payment privacy solution on simulated ECB infrastructure. This will be crucial in guaranteeing that asset provenance can be confirmed without disclosing private user data, which is a crucial need for a CBDC system.
Shahaf Bar-Geffen, COTI co-founder and CEO, stated:
“Being invited to work with the ECB on such a consequential project is humbling, and a testament to the expertise and hard work of the COTI team. Privacy is a vital component for the future of Web3, ensuring user security and organizational compliance, and the same benefits apply to CBDCs. It’s critical that confidentiality is built into the core of these new systems, rather than merely being added as an afterthought.”
Following its successful participation in the Bank of Israel’s Digital Shekel Challenge, where it created a proof-of-concept for private, trustless cross-border transactions utilizing garbled circuits, COTI was invited by the ECB. In order to retain on-chain privacy and facilitate safe user interactions, COTI will now modify its lightweight, decentralized confidential computing technology for the ECB’s conditional payments use case.
To improve retail payment solutions, the ECB’s innovation platform brings together a wide range of stakeholders, including banks, fintechs, merchants, financial institutions, and technical experts. Conditional payments, a crucial component for verifying the legitimacy of assets in real time, are the first area of emphasis. COTI’s efforts in this field will contribute to the illustration of how a Digital Euro may function efficiently and securely.
As the initiative moves forward, COTI will keep its community informed and share insights into this cooperative endeavor to influence the direction of digital currency in the euro region.
With the help of the innovative cryptographic protocol Garbled Circuits, the COTI Network is the quickest and lightest confidentiality layer in web3. By introducing the most cutting-edge and compliant solution for data security on the public blockchain, COTI, a member of the Enterprise Ethereum Alliance, opens the door for the next wave of Web3 innovation and adoption. A vast array of use cases, such as DeFAI, RWAs, Security, Identity, and more, are made possible by COTI. Visit https://www.coti.io/ to find out more.
