The post COTI Joins PayPal And Fireblocks To Advance Israel CBDC Project appeared on BitcoinEthereumNews.com.

COTI Foundation has secured a seat with the likes of Paypal and Fireblocks to work on Israel’s Central Bank Digital Currency (CBDC) project. The Israeli CBDC is dubbed Digital Shekel. Bank of Israel to Explore Advanced COTI Features The Layer-2 scaling network COTI announced the strategic collaboration on X, stating that it is a significant milestone in its evolution. Noteworthy, COTI identifies itself as a leader in the CBDC niche due to the advanced features that it offers. These features offered by COTI’s privacy-focused L2 blockchain can hold and securely transact CBDCs. It was the only blockchain selected by the Bank of Israel to take part in the CBDC initiative. Currently, several nations are are at different points in their CBDC journey. The few without an active CBDC project are more are likely to join with time. With the expansion, there is likely to be a growing need for credible and scalable blockchain infrastructure. The Layer 2 has revealed that it would strategically position itself to meet this need as a leader in the CBDC marketplace. As the only blockchain network selected to take part, COTI’s privacy-focused L2 blockchain offers advanced features to hold and securely transact with CBDCs. 2/3 — COTI Foundation (@COTInetwork) July 23, 2024 In this case, the L2’s focus will be on the implementation and use of advanced functionalities and ways to build an ecosystem around the Bank of Israel’s CBDC. Moreso, COTI will bring its expertise to bear on design considerations. In addition, the protocol’s use of garbled circuits will introduce unprecedented levels of privacy and confidentiality to its users. Bank of Israel’s Foray in the CBDC Ecosystem The Bank of Israel has been exploring the CBDC landscape for the past six years. The decision to take COTI on this journey suggest that the institution…

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Filed under: News - @ July 24, 2024 4:16 am