Stripe Set to Introduce Bank Transactions in France and Germany
## BX Digital Joins Swiss National Bank's Project Helvetia to Explore Tokenised Asset Settlement
BX Digital, a Zurich-based firm, has joined forces with the Swiss National Bank (SNB) in Project Helvetia, an initiative aimed at investigating the settlement of tokenised assets using central bank money. The project, which is scheduled to continue until at least mid-2027, will compare two settlement approaches: wholesale central bank digital currency (CBDC) on the SIX Digital Exchange platform and traditional central bank money through a real-time gross settlement (RTGS) link.
In the latest phase of Project Helvetia, Phase III, the SNB has incorporated pilot transactions for wholesale CBDC for financial institutions. Notably, the Swiss City of Lugano has issued a fourth native digital bond, which will be settled in wholesale CBDC as part of Project Helvetia Phase III. This demonstrates the project's integration with real-world financial transactions.
BX Digital is contributing its technical expertise in trading and settlement processes to the project. The company is participating in the extension that includes testing the settlement of tokenised assets with traditional central bank money through an RTGS link. This collaboration allows BX Digital to operate in a production environment, providing valuable insights into the advantages and disadvantages of different settlement methods.
The platform will facilitate settlement in Swiss francs and asset transfers on a public blockchain. BX Digital is also planning to launch a DLT-based trading and settlement facility, authorized by FINMA, which will further enhance its contributions to Project Helvetia.
Lidia Kurt, Chief Executive Officer of BX Digital, expressed her appreciation for the trust placed in the company by the Swiss National Bank. She stated, "We are thrilled to be part of Project Helvetia and contribute to the advancement of digital finance in Switzerland."
Project Helvetia is focused on the settlement of tokenised assets using real-time gross settlement (RTGS) infrastructure. The system, without central securities depositories, aims to simplify transaction flows while maintaining security and control standards. The project facilitates knowledge exchange and practical learning, as it brings together various stakeholders in the financial industry.
However, the nature or type of tokenised assets the platform will settle is yet to be specified. Additionally, the duration or expected outcomes of BX Digital's participation in Project Helvetia are not disclosed.
[1] Swiss National Bank. (2021). Project Helvetia - Phase III. Retrieved from https://www.snb.ch/en/mmr/paym/pilot/pilot-projects/project-helvetia/2021/project-helvetia-phase-iii
[2] Swiss National Bank. (2022). Project Helvetia - Phase III. Retrieved from https://www.snb.ch/en/mmr/paym/pilot/pilot-projects/project-helvetia/2022/project-helvetia-phase-iii
[3] BX Digital. (2022). BX Digital joins Project Helvetia, the Swiss National Bank's initiative for exploring tokenised asset settlement. Retrieved from https://www.bxdigital.ch/news/bx-digital-joins-project-helvetia-the-swiss-national-banks-initiative-for-exploring-tokenised-asset-settlement/
[1] BX Digital's participation in Project Helvetia underscores their dedication to the intersection of finance and technology, as they work toward advancements in business practices related to tokenized asset settlement.
[2] By collaborating with the Swiss National Bank on Project Helvetia, BX Digital continues to demonstrate its commitment to innovation and improvement in the business world, leveraging technology to drive financial progress.
