COTI Announced as Trailblazing Partner in ECB's Digital Euro Initiative

The European Central Bank (ECB) is persisting with its plans to introduce a digital version of the euro, despite the general slowdown in the growth of Central Bank Digital Currencies (CBDCs). The ECB has selected Blockchain startup COTI as its Pioneer Partner for the Digital Euro project.

Both COTI and the ECB will work with other organizations to develop a CBDC for the entire eurozone. The aim is to augment cash transactions with a secure, fast, and private digital payment system.

This partnership will allow COTI to refine the ECB's existing infrastructure and develop a privacy solution for conditional payment systems. COTI, which has previously developed a proof-of-concept for the Bank of Israel’s Digital Shekel, will focus on ensuring user confidentiality, a crucial requirement for a CBDC system.