Raiffeisen Bank International plans to use a blockchain interoperability tool to connect its RBI Coin to multiple blockchains. The bank on Thursday, October 22, 2020, announced the integration of its tokenized fiat currency with the Pantos blockchain interoperability tool. Also, Pantos is the first multi-blockchain token system by cryptocurrency exchange Bitpanda.
Raiffeisen Bank to Integrate the RBI Coin with Pantos Blockchain Tool
The Pantos blockchain interoperability tool was developed by researchers of the Technical University of Vienna. Importantly, the researchers aimed to design a technology to allow token projects to avoid being restricted to any one blockchain.
RBI Coin is a tokenized version of the national currency, often called stablecoins. Moreover, stablecoins help to facilitate more reliable and near-instant payments between banks and businesses. So, the bank is looking to connect its tokenized fiat currency to multiple blockchains to improve integration. This is not the first time the bank is focusing its attention on blockchain technology. Previously in 2019, the Raiffeisen Bank had used blockchain technology to automate settlements by companies.
Christian Wolf, head of strategic partnerships & ecosystems at Raiffeisen Bank, commented:
“The Pantos technology plays an integral role in making the tokenization of assets a reality within our banking group by bringing in the interoperability aspect thus allowing for even more extensive and flexible use cases for banking customers.”
Partnership With Billon
Raiffeisen Bank partnered with Billon to extend a successful proof-of-concept of a national currency Tokenization Platform into a pilot project. Also, the pilot project will include selected corporate and institutional clients. The partnership between the bank and fintech will serve the need of the banking industry to improve its banking system.
Stefan Andjelic, Blockchain Hub Lead at Raiffeisen Bank International, said:
“Billon is a great example of a fintech that understands how to adapt blockchain to serve the needs of banks and their clients. Specifically, during the COVID-19 situation, banks need to partner with fintech to innovate faster and help clients with payment processing and liquidity needs.”