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Wednesday, November 25, 2020

Raiffeisen Bank to connect its stablecoin project to multiple blockchains

  • The blockchain interoperability tool will prevent RBI Coin from being restricted to one blockchain.
  • Per Raiffeisen Bank’s Christian Wolf, this move will introduce flexibility for banking customers.
  • Reportedly, this integration will help Raiffeisen Bank enable reliable, near-instant transactions.

Raiffeisen Bank International is planning to use a blockchain interoperability tool to connect its tokenized fiat currency dubbed RBI Coin to multiple blockchains. A report unveiled this news on October 22, noting that this new resolve will facilitate the integration of the Pantos blockchain interoperability tool into RBI Coin. In so doing, the bank seeks to prevent its token from being tied down to one blockchain network.

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According to Christian Wolf, the head of strategic partnerships and ecosystems at Raiffeisen Bank International,


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“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.”

Through integrating the Pantos Interoperability tool into RBI Coin, Raiffeisen Bank aims to enable reliable and near-instant transactions payments between banks and businesses.

RBI Coin’s genesis

This news comes after a press release unveiled that Raiffeisen Bank joined hands with Billion, the firm behind creating the first enterprise DLT system, in May this year. This partnership involved the extension of a successful proof-of-concept on a national currency Tokenization Platform dubbed RBI Coin into a pilot project.  

Reportedly, Billon created the tokenization platform during the Elevator Lab program, which came to an end on March 5. Describing the RBI Coin project, the publication noted that it helps banks select a transfer method that offers high speeds, certainty of payment status, reduced exception handling, and the ability to minimize customer inquiries.

Commenting on this partnership at the time, Raiffeisen Bank’s blockchain hub lead, Stefan Andjelic, 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 fintechs to innovate faster and help clients with payments processing and liquidity needs.”

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