Tag Archives: Stellar

Ukrainian Ministry of Digital Transformation to develop virtual assets and to facilitate CBDC infrastructure with the Stellar Development Foundation

On December 28, the Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation (SDF) signed a Memorandum of Understanding and Cooperation, within which they will work on the development of a strategy for virtual assets in Ukraine.

Under the Memorandum, the Ministry of Digital Transformation and SDF will work to develop a modern virtual asset market infrastructure and enhance Ukraine’s status as an innovative digital country in the financial market in Eastern Europe.

“The Ministry of Digital Transformation is working on creating the legal environment for the development of virtual assets in Ukraine. We believe our cooperation with the Stellar Development Foundation will contribute to development of the virtual asset industry and its integration into the global financial ecosystem,” said Oleksandr Bornyakov, Deputy Minister of Digital Transformation for IT Development. “Another important aspect of this cooperation is contributing to the development of the infrastructure for a Ukrainian national digital currency. Most of the world’s leading countries are developing their own national digital currencies. The National Bank of Ukraine has been researching the possibility of CBDC implementation since 2017. It demonstrates Ukraine’s movement towards one of major financial trends. At the Ministry, we aspire to ensure our country’s adaptation to technological innovations and competitiveness in the financial market in Eastern Europe.”

The memorandum outlines the core focus of the partnership as follows:

  • cooperation on the development of the virtual assets market in Ukraine;
  • provision of support to projects related to virtual assets;
  • implementation and regulation of stablecoin circulation in Ukraine; and,
  • facilitation of the development of the digital currency of the Central Bank in Ukraine.

“We believe digital assets and national digital currencies are one of the most important innovations of our lifetimes and we are excited to play a role in the creation of Ukraine’s digital asset infrastructure,” said Denelle Dixon, CEO and Executive Director, Stellar Development Foundation. “Through the leadership of the Ministry, Ukraine has demonstrated its commitment to fostering an environment of innovation for the digital economy. We look forward to working with the Ministry and other stakeholders to digitize the hryvnia, to bring Stellar-based tools and services to the people and businesses of Ukraine, and to introduce new partnership opportunities in Ukraine to businesses in the Stellar ecosystem.”

Stellar Development Foundation will officially launch its activity with Ukraine in January 2021.

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About Stellar

Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. Dozens of financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 4.7 million accounts. 

About the Stellar Development Foundation

The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology.

EURO STABLECOIN (EURB) ON STELLAR

Bitbond and Bankhaus von der Heydt release Euro Stablecoin (EURB) on Stellar

EURB is the first stablecoin issued directly by a banking institution on Stellar, and the first of its kind on the European cryptomarket

Bitbond, Germany’s leading technology provider for the tokenization and custody of digital assets and Bankhaus von der Heydt (BVDH), one of Europe’s oldest banks, have joined forces to issue a Euro Stablecoin (EURB) via the Stellar network. The EURB available today is the first stablecoin issued directly by a banking institution on Stellar and one of the first of its kind on the cryptomarket.

BVDH, which has been active since 1754, specialises primarily in supporting institutional customers in securitisation transactions. Bitbond’s white label tokenization technology proved to be the ideal fit for converting the securitization business to DLT technology. The Stellar Development Foundation, a non-profit organization that supports Stellar’s development and growth, facilitated the development of EURB and advised both Bitbond and BVDH on the technical integration.

EURB can be used by both BVDH customers and third-party platforms to process payment transactions on-chain. With the go-live on Stellar, Bitbond also integrates the stable coin into the securitization platform developed for BVDH, including the automatic mining and burning of tokens. For the Stellar ecosystem this means a new on- and off-ramp for EUR in the network. Users or companies that want to access EUR via the Stellar network can now do so.

“This is a prime example of how traditional banking and block chaining can work together, bringing together one of the oldest banks in Europe with a FinTech start-up to deliver exciting innovations in digital currency,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “The addition of a high-quality euro asset issued by a bank to Stellar is of great importance to the users and developers in our network and is driving a new wave of financial innovation that is immediately flowing into Stellar-based applications such as DSTOQ, Vibrant and Lobstr”.

“Bitbond has worked with Stellar since 2019. At that time we issued the first tokenized security approved by the German Federal Financial Supervisory Authority (BaFin),” said Radoslav Albrecht, founder and CEO of Bitbond. “With the development of the technology for issuing stable coins, we at Bitbond have completed our Digital Assets Tech Suite, which previously included the technology for custody and issuance of digital assets.

BVDH can now internalise the paying agent function to accelerate the issuance of new securitisations and create new offerings for bank customers who wish to issue tokenised products with full on-chain processing. Financial application developers can use BVDH’s EURB to process the transfer of digital assets on-chain with a fully regulated and 1:1 EUR stablecoin.

“We were convinced by Bitbond and Stellar because issuing and managing assets via the network is so easy”, said Philipp Doppelhammer, Managing Director of Bankhaus von der Heydt. “In our first use case, SatoshiPay, a block chain payment provider and one of the first members of the Stellar network, will implement our EURB in its DTransfer service. DTransfer facilitates global money transfers for its business customers by exchanging different Stablecoins and connecting to banking systems around the world.

About the Stellar Development Foundation

The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open source network that connects the world’s financial infrastructure. Established in 2014, the foundation helps to further develop Stellar’s code base, supports the technical and business communities that develop the Stellar Network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system by using the Stellar Network to unlock the world’s economic potential through block chain technology.

About Bitbond

Bitbond provides solutions based on block chain technology for banks and financial service providers. The white label software improves the issuance, settlement and custody of securities and other financial instruments. The modules offered consist of digital asset custody technology, asset tokenization and on-chain payment processing. Bitbond was founded in Berlin in 2013 and has already implemented software for regulated customers in Europe and Asia.

About Bankhaus von der Heydt

Bankhaus von der Heydt is one of the oldest banks in Europe and has been in operation since 1754. Today, von der Heydt is one of the first banks to use Blockchain technology, thus breaking new ground in the world of finance.