The RBI Coin will facilitate payment and interbank settlements while also helping to limit cash handling and helps different companies in the Raiffeisen banking network in liquidity management.
Austria-based Raiffeisen Bank International (VIE: RBI) has teamed up with Bitpanda’s owned Pantos blockchain to bring unique interoperability to the banking sector through the former’s stablecoin dubbed RBI Coin. Per the official announcement, the Pantos blockchain will help provide the ecosystem whereby the RBI coin will not depend on one particular blockchain as it would be used for different applications.
The banking sector has seen increased adoption of blockchain technology in recent times and as such, the financial institutions are creating task-specific applications to use in conducting their business transactions. Seeing the diverse applications in the space, Raiffeisen decided to create the RBI Coin to serve as the natural link to all the diverse banking blockchain-based applications.
The RBI Coin is a Stablecoin-like digital token that was designed to be pegged to a fiat national currency. The coin was developed by Raiffeisen Bank International in partnership with Billon and following the success of the Proof of Concept (POC) for the coin, the duo decided to extend the project to a pilot phase, a stage where Pantos’s blockchain ecosystem is required to be able to properly leverage the interoperability design of the coin.
“RBI will be part of the Pantos ecosystem using the technology which allows the establishment of interoperability between different blockchain ecosystems and use cases,” Pantos said in a statement,“ the Pantos project aims to offer a unifying solution for the fragmented blockchain and cryptocurrency space,” added they
As noted, the RBI Coin will facilitate payment and interbank settlements while also helping to limit cash handling and helps different companies in the Raiffeisen banking network in liquidity management. The bank will be trusting the Pantos technology in its bid to serve its estimated 16.7 million customers majorly located in the Central and Eastern European region.
Interoperability Solutions Not Only Sought by RBI Coin
In today’s digital world, innovations abound, and the debut of these innovations takes strength from the diverse technologies employed. With diversity comes the need to seek interoperability channels to make all the applications work seamlessly. The good news is that these can be enhanced as blockchain technology in itself is designed to be highly interoperable.
As Coinspeaker once reported, blockchain interoperability is a fundamental necessity for the increased adoption of blockchain technology. The implication of this is that the easier it is for different industries with their own system to integrate blockchain solutions without altering their own operations and network considerably, the greater adoption we are likely to see.
Consulting giant Accenture developed a two-way solution to transform the enormous potential of existing distributed ledger platforms into a synchronized business process. The solution enabled R3, Hyperledger Fabric, Quorum, and Digital Assets (DA Platform) to integrate their respective businesses. Much recently, MyEtherWallet integrated Ren in a bid to connect its users with non-ERC20 token tokens.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
