Bitpanda, the leading investment platform, with their blockchain-interoperability project Pantos, today announces a partnership with Raiffeisen Bank International to implement their technology on RBI Coin, an e-money solution.
Pantos is a major European blockchain interoperability project developed by the Bitpanda team together with the Technical University of Vienna. Pantos’ aim is to enable token projects to be independent of a specific blockchain. Having RBI as an industry partner joining the Pantos project is a large step in the maturing of the Pantos protocol, which shows that the past 2.5 years of development have been successful.
RBI Coin is a next-generation digital cash solution for inter-bank and inter-company payments to streamline cash and liquidity management and introduce new banking products to corporate and institutional customers.
There are many financial applications built on blockchains which are fundamentally different in architecture from both business and technical perspectives. Such developments bring a challenge of having no natural link between these different applications which poses the risk of multiple siloed solutions running in parallel. RBI ́s cooperation with Pantos represents a determined attempt to address and solve the interoperability issues between different blockchain applications.
A milestone for the banking industry
This is also a major use case for banks to become technology-agnostic in the field of fast-changing blockchain technologies. RBI will be part of the Pantos ecosystem using technology which allows the establishment of interoperability between different blockchain ecosystems and use cases.
Paul Klanschek, Co-Founder and CEO of Bitpanda said: “We see a lot of competing protocols, not only from the cryptocurrency space but also from tech-companies, banks and governments. The question of how to unite all those protocols still remains unanswered. The Pantos project aims to offer a unifying solution for the fragmented blockchain and cryptocurrency space. After a purely research and Proof-of-Concept-focussed mode we are now extremely excited to enter a partnership with RBI to bring our technology to their RBI Coin.”
Christian Wolf, Head of Strategic Partnerships & Ecosystems, said: “The Pantos technology plays an integral role in making the tokenisation of assets a reality within our banking group by bringing in the interoperability aspect thus allowing for even more extensive and flexible use cases for banking customers.”
This is a major step for the Pantos project. It shows that the past years for development have been successful as we start heading towards production.