COTI Chosen to Participate in Central Bank of Israel’s CBDC Project
As published today, COTI will take part in the Central Bank of Israel’s CBDC project alongside companies like PayPal and Fireblocks.
CBDCs have been identified by COTI as a key use case for its privacy-centric upcoming infrastructure and we are thrilled to announce this milestone. The Bank of Israel has been exploring CBDCs since 2018 and will now explore with COTI the implementation and use of advanced functionalities and ways to build an ecosystem around its CBDC.
As the only blockchain network selected to take part, COTI will bring its expertise to bear on design considerations. COTI’s privacy-focused L2 blockchain offers advanced features to hold and securely transact with CBDCs. COTI uses garbled circuits to bring unprecedented levels of privacy and confidentiality to its users. The technology has the potential to enhance CBDC as a secure means of payment, offering significantly lower running costs than other privacy technologies and can run on any device.
Through work with the Bank of Israel, COTI has a unique opportunity to test and refine its CBDC offering. As more Central Banks look to adopt CBDCs, COTI will be well positioned to meet the growing need for credible and scalable blockchain infrastructure, and establish itself as a leader in the CBDC marketplace.
The true unlock with COTI is confidentiality without anonymity. Institutions, companies, and individuals will be able to interact with the financial world confidentially, while at the same time complying with financial regulations.
As central banks continue to explore the potential of developing CBDCs, balancing transparency with privacy remains an important challenge in order for CBDCs to see user adoption.
With COTI we offer a compelling answer to this challenge.
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