Enterprise-focused blockchain platform Cypherium was just listed as a preferred startup under Société Générale’s Startup Flow — an initiative that helps promising new firms to grow and unlock their full potential.
Cypherium builds scalable, permissionless hybrid blockchain systems that are designed to support billions of users, and enable interoperability between a wide variety of Central Bank Digital Currencies (CBDC).
With a large number of central banks now in the process of developing and testing their own CBDC, Cypherium is looking to position itself as a key facilitator towards realizing the CBDC revolution.
Cypherium is leading the push to enable interoperability between central bank digital currencies. (Image: Cypherium)
By joining Société Générale Startup Flow as a preferred startup, Cypherium will gain access to over 30 innovation leaders, allowing the platform to forge new partnerships, gain new insights, and continue its push to position its trusted database technology as the solution to CBDC interconnectivity and security.
French multinational investment bank Société Générale, or simply ‘SocGen’, recently made headlines after it became the first bank to settle a transaction using a CBDC.
Back in May, Société Générale issued €40 million of covered bonds as security tokens on a public blockchain. These bonds were paid for by Société Générale with a digital form of the Euro issued by Banque de France — demonstrating the capacity for a CBDC to quickly and securely settle digitized securities.
Société Générale was also among eight firms selected by Banque de France to help test the potential applications of central bank digital currencies, including improving the executing for cross-border payments, and how CBDC units are issued and distributed.
“Société Générale is a leader among European banks in its willingness to experiment with CBDC models and we’re looking forward to a fruitful phase of world class banking innovation,” said Sky Guo, CEO at Cypherium.
“We’re honoured to be listed on Société Générale’s Startup-Flow and to be innovating alongside equally disruptive startups specialising in areas such as open banking, payment/e-commerce, credit/real estate, Insurtech, cybersecurity/Regtech, capital markets, blockchain/crypto assets, wealth management and more.”
Cypherium’s enterprise-ready blockchain platform is capable of processing up to 10,000 transactions per second, putting it roughly on-par with VisaNet — the electronic payment system that underlies Visa.
Thanks to its blockchain backbone, Cypherium provides banking institutions with significant privacy and security benefits compared to the traditional banking infrastructure and can be used to bridge the gap between banks and the emerging world of digital currencies.
Disclaimer: This is a contributed article and should not be taken as investment advice.