INX Digital, a broker-dealer and owner of a digital asset trading platform, signed an agreement with a Swiss company, SICPA, to help governments digitize their monetary systems.
The partnership between INX and SICPA — a leading provider of security inks and identification, traceability and authentication technologies – paves the way for the development of a new solution to utilize digital currencies in a secure, scalable environment. Ultimately, 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.
Under the terms of the agreement, INX will work with SICPA to establish a blockchain solution for Central Bank Digital Currency (CBDC) and the supporting ecosystem. It will be designed 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.
“We believe that the unique form of CBDC we are working toward is an ecosystem and not only a tech solution,” INX’s Deputy CEO and COO Itai Avneri said. “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.”
As an advisor to central banks worldwide, SICPA has expertise in identification and security solutions, strong digital capabilities, and extensive knowledge of the use of physical cash that allows for the development of forgery-proof security features to protect monetary sovereignty.
“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,” SICPA CEO and Chairman Philippe Amon said. “We look forward to collaborating with INX and leveraging our extensive experience in working with central banks to develop a relevant CBDC solution.”