SALT LAKE CITY, October 12, 2022 /PRNewswire/ — Bitt and IDEMIA are thrilled to have won the CBDC 2022 G20 TechSprint Global Competition. The announcement came ahead of the G20 summit in Bali of the Bank for International Settlements (BIS) and Bank Indonesia as they concluded their third annual competition, which received more than 100 submissions from many world’s leading financial, technology, science and marketing companies. . An independent panel of 11 experts, convened by Bank Indonesia, evaluated the prototypes developed by the shortlisted teams to determine the winners.
Bitt and IDEMIA have joined forces to bring together Bitt’s Digital Currency Management System (DCMS) and IDEMIA’s secure solution for offline CBDC payments. The various components enable central banks to launch their CBDC with full interoperability with current systems, to ensure low-cost access with a variety of easy-to-use payment devices and the best identity management verification available with full compliance. with regulatory requirements.
It’s the promise to deliver a truly inclusive and convenient CBDC without compromising on usability or security. “Bitt and IDEMIA are honored to have received such a prestigious award! Our solution gives everyone access to the CBDC, even those who cannot afford a smartphone. We are helping to realize the vision of making digital money available anytime, anywhere, with or without network coverage,” says Jerome Ajdenbaum, VP Digital Currencies at IDEMIA.
Imran KhanBitt’s Senior Vice President of Partnerships, said, “We are honored to have Bitt recognized as one of the top leaders in the CBDC space. Our partnership with IDEMIA has pushed our organizations to develop and showcase our best work, and we look forward to offering offline payment. solutions to monetary authorities and financial institutions around the world as we help them extend financial services to all members of society. »
As a leader in identity technologies, IDEMIA is on a mission to open up the world and make it safer. Backed by cutting-edge R&D, IDEMIA delivers unique technologies, underpinned by long-standing expertise in biometrics, cryptography, data analytics, smart systems and devices. IDEMIA offers its public and private clients payment, connectivity, access control, travel, identity and public security solutions. Every day, around the world, IDEMIA secures billions of interactions in the physical and digital world. With nearly 15,000 employees, IDEMIA enjoys the trust of more than 600 government organizations and more than 2,300 companies in 180 countries, with an impactful, ethical and socially responsible approach.
For more information, visit www.idemia.com
bitt is a financial technology company that provides digital currency solutions to central banks, financial institutions and ecosystem participants worldwide. Bitt’s Digital Currency Management System (DCMS) provides the secure infrastructure for monetary authorities to deploy CBDCs and financial institutions to integrate digital currencies into their financial services offerings. Bitt is a portfolio company of Medici Ventures, LP, a blockchain-focused fund. The general partner of this fund is an affiliate of Pelion Venture Partners. Overstock.com, Inc. (NASDAQ:OSTK) is a sponsor of Medici Ventures, LP For more information about Bitt, please visit https://www.bitt.com.
Overstock.com, Inc.. (NASDAQ:OSTK) is an online retailer and technology company based in Salt Lake City, UT. Its leading e-commerce website sells a wide range of new home products at low prices, including furniture, decor, area rugs, bedding and bath, home improvement items, and more. Online shopping offers millions of products that tens of millions of customers visit every month. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages of its website, Overstock.com.
O, Overstock.com, O.com and Club O are registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names that may be referred to herein are the property of their respective owners.
Pelion Venture Partners is an early stage venture capital firm. Currently investing in its seventh fund, Pelion invests in Seed and Series A software companies across United States. Notable investments include: Cloudflare, Riverbed, Divvy (acquired by Bill.com) and Weave.
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