The proposed joint venture, will lead the development of blockchain based technology solutions to create a central bank digital currency ecosystem to help governments digitize their monetary systems
The INX Digital Company, Inc. (“Company”), a broker-dealer, inter-dealer broker, and owner of a digital asset trading platform, announced today that it has signed a non-binding memorandum of understanding (“MOU”) with SICPA, a global Swiss company, leading provider of security inks and identification, traceability and authentication technologies, to help governments digitize their monetary systems.
The Company believes that today, more than ever, governments and central banks around the globe are searching for a path to capitalize on digital currencies. This announcement between INX and SICPA will pave the way for the development of a new, holistic solution for all stakeholders to utilize digital currencies in a secure, scalable environment.
The planned joint venture with SICPA is an integral part of INX’s vision to innovate the future of finance and pioneer the new digital economy. Under the terms of the MOU, the Company will work with SICPA to establish a blockchain solution for Central Bank Digital Currency (CBDC) and the supporting ecosystem to assist clients in bolstering monetary sovereignty and efficiently growing overall country GDP. The two companies plan to expand interoperability between different stakeholders across borders through this joint venture.
A longstanding trusted partner and advisor to central banks around the world, SICPA has robust expertise in identification and security solutions, strong digital capabilities, and extensive knowledge of the use of physical cash that allow for the development of new innovative forgery-proof security features to protect monetary sovereignty.
Through the joint venture, many complex and advanced security features developed by SICPA will find applications in the development of a CBDC ecosystem.
The planned joint venture between INX and SICPA aims to allow governments to expand their access to payments infrastructure, facilitate cross-border payments, maintain sovereign currency control through rigorous regulation, and introduce privacy and safety measures.
“We believe that the unique form of CBDC we are working toward is an ecosystem and not only a tech solution,” says INX’s Deputy CEO and COO, Itai Avneri. “Along with SICPA, our distinguished partner, we harness the power of blockchain (trust, efficiency, cross-border, programmability, compliance, traceability and more) to cultivate a holistic solution that addresses the key requirements for CBDC, which include privacy-preserving, security, financial inclusion, resilience, and more.”
“In line with our purpose of enabling trust, our ambition is to develop with our partners a CBDC solution that is efficient, inclusive and safe, enabling trustworthy and privacy-preserving transactions for all, complementary to the use of cash,” said Philippe Amon, CEO and Chairman of SICPA. “We look forward to collaborating with INX and leveraging our extensive experience in working with central banks to develop a relevant CBDC solution.”
“We are excited to collaborate with SICPA and utilize our unique solutions and unparalleled experience as pioneers of a new tokenized economy. Through every step, we have committed to working with regulators. INX is the first company in the world to launch and close on an SEC-registered IPO of a blockchain digital security. Our very own INX token is the working use case for automated KYC, whitelisting of wallets, programmable smart contracts, mass distribution, and unparalleled traceability and visibility on the blockchain. These attributes are mandatory when discussing the CBDC ecosystem and will be incorporated in the innovative solution we are now developing.” Commented Shy Datika, INX’s CEO.
The INX Digital Company owns INX Group (INX), which operates regulated trading platforms for digital securities and cryptocurrencies that trade 24/7/365. Founded by Shy Datika in 2017, INX’s vision is to be the preferred global regulated hub for all digital assets on the blockchain. INX is on a mission to help list companies as publicly-traded digital securities on the blockchain in a regulated environment with oversight from the SEC and FINRA. This journey started with the first-ever SEC-registered initial public offering of a security token on the blockchain – the INX Token – in which INX raised $83 million from more than 7,200 retail and institutional investors worldwide.
Market leader in security inks and leading provider of secured authentication, identification, traceability and supply chain solutions, SICPA is a long-trusted partner to governments, central banks, high security printers and the industry. Every day, governments, companies and millions of citizens rely on its expertise, which combines material-based covert features and digital technologies, to protect the integrity and value of their currency, personal identity, value documents, e-government services, as well as products and brands. True to its purpose of enabling trust through constant innovation, SICPA aims to further an Economy of Trust worldwide, where transactions, interactions and products across the physical and digital worlds are based on protected, unforgeable and verifiable data.